Nestoil owners stormed the company’s Lagos headquarters on Friday, confronting the Receiver Manager in a tense showdown.
Earlier, they had tried to reclaim control following a November 20 court ruling that overturned a previous freezing order on the company’s assets.
Nestoil Owners Confront Receiver
However, the Receiver Manager, Abubakar Sulu-Gambari (SAN), refused to step aside, insisting the ruling did not affect his ongoing Receivership of the company.
The conflict escalated after Justice Dipeolu issued a Mareva injunction on October 22, freezing Nestoil’s accounts, assets, and shares in over 20 financial institutions.
Multi-Billion Naira Dispute
Consequently, FBNQuest Merchant Bank and First Trustees, subsidiaries of First Bank, secured the injunction over alleged debts.
Specifically, Nestoil, its affiliate Neconde Energy, and their promoters, Ernest and Nnenna Azudialu-Obiejesi, allegedly owed $1.01 billion and ₦430 billion.
Read Also: Naira Drops To ₦1,450/$ As CBN FX Reserves Soar
Following the Federal High Court reversal of the freezing order, the owners attempted to retake the company’s headquarters.
Meanwhile, Sulu-Gambari dismissed the ruling as irrelevant to the Receivership.
Legal Standoff Continues
In a letter to the Inspector General of Police on November 20, Sulu-Gambari warned the public that any dealings with Nestoil or Neconde Energy assets without his express authorisation would violate the law.
He also clarified that his appointment, formalised on August 19 and widely published, remained legally binding.
Previously, police officers sealed Nestoil’s Lagos offices to enforce Justice Dipeolu’s injunction, with the Navy and State Security Service supporting enforcement.
Before recusing, Justice Dipeolu paused further action pending a petition before the Chief Judge.
As a result, both parties now remain in a tense standoff.
Ultimately, the conflict highlights a high-stakes legal battle involving multi-billion-dollar debts, corporate control, and Nigerian law.
