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A Federal High Court in Lagos has ordered the freezing of all bank accounts and assets belonging to Nestoil Limited and Neconde Energy Limited, over a billion-dollar debt owed to FBNQuest Merchant Bank and First Trustees Limited.
Presiding Judge, Justice Dehinde I. Dipeolu, issued a Mareva injunction restraining the companies and their chairman, Ernest Azudialu-Obiejesi, from accessing or moving funds held in over twenty Nigerian banks and financial institutions.
The court order, dated October 22, 2025, also empowers Abubakar Sulu-Gambari, SAN, as Receiver/Manager to take over their offices in Victoria Island and the firm’s stake in the OML 42 Joint Venture.
Security agencies, including the Police, Navy, DSS, and Marine Police, were directed to assist in enforcing the order and securing identified assets.
According to court documents, the frozen funds and assets are valued at over $1 billion and ₦430 billion, representing debts owed as of September 2025.
The case is expected to return to court on November 7 for further hearing.
