Armed police officers have sealed the Lagos headquarters of Nestoil Limited following a court order over debts exceeding $1 billion and ₦430 billion.

The Federal High Court in Lagos, presided over by Justice D. I. Dipeolu, granted a Mareva injunction empowering First Trustees Limited and FBNQuest Merchant Bank to take possession of Nestoil’s assets pending resolution of the dispute.

The court also appointed Abubakar Sulu-Gambari (SAN) as receiver/manager and directed the freezing of Nestoil’s bank accounts and shares in over 20 financial institutions.

In a statement, Nestoil described the matter as a commercial dispute, assuring stakeholders that its operations remain fully functional.

“We are cooperating with authorities and remain committed to resolving this issue transparently,” the company said.

The case, involving Nestoil’s interests in OML 42 in partnership with NNPCL, will be heard again on November 7, 2025. Visit www.jocomms.com for more news.