Nestoil owners, Receiver Manager clash in Lagos over new court ruling

The owners of Nestoil and the Receiver Manager appointed for the company on Friday engaged in heated arguments at the headquarters of the company in Lagos.

This came as the company owners attempted to return to take over the headquarters on account of a November 20 court ruling reversing an earlier freezing order on Nestoil.

The Receiver Manager, however, insisted that the ruling does not affect the Receivership.

The controversy stems from a Mareva injunction issued on 22 October 2025 by Justice Dipeolu, which froze Nestoil’s assets, bank accounts, and shares across more than 20 Nigerian financial institutions.

The order was obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited, over an alleged debt of $1.01 billion and N430 billion owed by Nestoil, its affiliate Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi.

However, in a statement released on Thursday, Nestoil owners said a Federal High Court in Lagos, presided over by Justice Daniel Osiagor, reversed the freezing order, hence an attempt to repossess the property.

Receiver Manager kicks 

Meanwhile, the Receiver Manager appointed on behalf has dismissed the court ruling as irrelevant to the Receivership.

In a letter to the Inspector General of Police signed by Abubakar Sulu-Gambari (SAN) and dated November 20, 2025, a copy of which was seen by Nairametrics, the Receiver Manager wrote:

“Kindly be advised that the Ruling of the Court setting aside the Ex-parte Orders DOES NOT affect the Receivership of the assets of NECONDE ENERGY LIMITED and NESTOIL LIMITED as stated above.  

“The undersigned was appointed Receiver/Manager pursuant to the Deed of Appointment dated August 19, 2025 filed at the Corporate Affairs Commission (CAC), notification of which was made at pages 45-46 and 32-33 of the Punch and Guardian Newspapers of October 29, 2025.” 

• While noting that legal redress was being sought to the full extent of the law with respect to the Ruling of the Court, the Receiver Manager warned the general public not to engage in any dealings with any person acting on behalf of Nestoil or Neconde Energy regarding their assets.

• He added that any such dealings without the knowledge, privity and express authorization of the appointed Receiver/Manager “will be ILLEGAL and shall give rise to legal implications.” 

What you should know 

Following his October ruling, Justice Dipeolu also appointed Abubakar Sulu-Gambari, SAN, as receiver-manager, granting him authority to take possession of Nestoil’s head office at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified properties.

• The order directed the Nigeria Police Force, Nigerian Navy, and State Security Service (SSS) to assist in enforcement.
• Following the order, armed police officers reportedly sealed Nestoil’s headquarters in Lagos in late October—an action that underscored the scale of the dispute and the court’s resolve in enforcing compliance.
• At the last hearing before his recusal, Justice Dipeolu informed the parties that, due to the pending petition before the Chief Judge, he would refrain from taking further steps in the matter until the complaint was addressed.
• Nestoil owners, Receiver Manager clash in Lagos over new court ruling  - Nairametrics