Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, following a court-ordered takeover of the company’s assets by a consortium of lenders over an alleged $1 billion debt.
The dramatic enforcement action came after a Federal High Court in Lagos, on October 22, 2025, granted a Mareva injunction authorizing First Trustees Nigeria Limited and its subsidiary, FBNQuest Merchant Bank, to assume control of Nestoil’s assets as receiver-managers.
The order empowers the financial institutions to preserve and manage the company’s properties including its headquarters pending the resolution of the debt dispute.
Sources confirm that armed police personnel arrived at the Nestoil Tower early Tuesday morning, restricting access and posting notices of the receivership on the premises.
The development marks a stunning fall for Nestoil, one of Nigeria’s leading indigenous oil and gas engineering firms, known for major pipeline and infrastructure projects.
Insiders say the debt pile-up stems from a combination of project financing, delayed payments from government contracts, and exposure to volatile global energy markets.
Neither Nestoil’s management nor the lender consortium has issued an official statement, but court documents indicate the company failed to meet repayment obligations on syndicated loans.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com