By Ayo Kehinde
The Federal High Court in Lagos has ordered the Chief of Naval Staff, the Inspector General of Police, and the Department of State Services (DSS) to enforce a Mareva injunction freezing the assets and bank accounts of Nestoil Limited and Neconde Energy Limited over an alleged debt exceeding $1 billion (about N430 billion).
Justice D.I. Dipeolu issued the order on October 22, 2025, in Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited, Neconde Energy Limited, Ernest Azudialu-Obiejesi, and Nnenna Obiejesi.
The order, granted to prevent the dissipation of assets pending the determination of a debt recovery suit, also restrains the companies and their promoters from operating or transferring any funds.
Following the ruling, the court’s Deputy Chief Registrar, Longs G. Longwa, on October 24, 2025, wrote to the Nigerian Navy seeking assistance to enforce the injunction and safeguard the affected assets.
In their ex-parte application filed on October 20, 2025, the plaintiffs asked the court to bar the defendants from tampering with their assets pending the resolution of the substantive suit regarding the repayment of multiple credit facilities allegedly guaranteed by the defendants.
Justice Dipeolu ordered all listed financial institutions — including Access Bank, First Bank, Zenith Bank, Union Bank, Guaranty Trust Bank, Fidelity Bank, Citibank, and Polaris Bank — to freeze accounts belonging to the defendants up to the amount claimed by the plaintiffs.
The court specifically restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77, representing the total indebtedness as of September 30, 2025.
It also covered additional debts personally guaranteed by Mr. Azudialu-Obiejesi, including N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
The injunction further extended to several third-party companies allegedly linked to the defendants, such as Marine & Ocean Infinity Nigeria Ltd., White Dove Shipping Co. Ltd., Hammakopp Consortium Ltd., Santa Spring Oil and Gas Ltd., and Krawcod Properties Ltd., which are required to comply with the restrictions.
The court granted protection to Mr. Abubakar Sulu-Gambari, SAN, the Receiver/Manager appointed by the plaintiffs, authorising him to take possession of and manage Nestoil and Neconde’s assets and offices located at 41/42 Akin Adesola Street, Victoria Island, Lagos, as well as any other properties under their control.
Justice Dipeolu also directed the IGP, DSS, and Nigerian Navy to provide security and support to the Receiver/Manager in carrying out the court’s order.
The Mareva injunction, commonly referred to as a “freezing order,” prevents the defendants from disposing of assets both within and outside Nigeria pending the outcome of the suit.
The case has drawn significant attention within financial and oil industry circles due to the scale of the alleged debt and the involvement of multiple major banks.
Hearing on the substantive matter continues in the coming weeks before the Federal High Court in Lagos.
