Nestoil Group has moved to reassure stakeholders after police sealed its Lagos headquarters on Monday following a court order authorising the takeover of its assets over a $1 billion debt dispute.
The federal high court in Lagos had, on October 22, issued a Mareva injunction empowering First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of the company’s properties.
Justice D. I. Dipeolu granted the order against Nestoil Limited, its affiliate Neconde Energy Limited, and the firm’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
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In a statement on Tuesday via LinkedIn, Nestoil described the receivership as a “commercial matter” currently before the court and said the enforcement action does not affect its operations.
“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner,” it said.
“Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.”
Nestoil stressed that it remains financially strong and operationally stable, adding that all subsidiaries and projects across oil, gas, power, and infrastructure sectors are “continuing without disruption”.
“Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners,” the company said.
The group added that further updates will be communicated through verified channels as discussions with lenders continue.