The Federal High Court in Lagos on Thursday vacated the Mareva injunction that had frozen the company’s assets and those of its directors over an alleged $1 billion debt claim.
Justice Daniel Osiagor issued the order after the Chief Judge of the Federal High Court transferred the case from Justice Dehinde Dipeolu to his court.
Justice Dipeolu had, on October 22, 2025, granted a far-reaching Mareva injunction restraining Nestoil, its affiliate Neconde Energy Limited, and principal promoters—Ernest Azudialu-Obiejesi and Nnenna Obiejesi—from tampering with their funds, shares, and other assets in over 20 financial institutions.
The order also empowered First Trustees Limited and FBNQuest Merchant Bank Limited, acting for a consortium of creditor banks, to take possession of Nestoil’s assets under receivership.
With Justice Osiagor’s ruling, the sweeping asset freeze has now been lifted.
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