The corporate headquarters of Nestoil Limited on Victoria Island, Lagos, has been taken over by a court-appointed receiver after the Court of Appeal in Lagos reinstated an earlier receivership order.
Nestoil and its affiliate, Neconde Energy Limited, had been placed under receivership by a consortium of lenders over an alleged $2 billion debt, following an order of the Federal High Court.
The companies, however, secured a separate high court injunction directing the receiver to halt further action.
That relief has now been overturned.
In a ruling delivered by Justice Yargata Nimpar, the Court of Appeal granted an interim “restorative injunction” sought by FBN Merchant Bank Limited and First Trustees Limited, reversing all steps taken by Nestoil and its agents to stop the receivership process.
The lenders, in an ex-parte motion filed on November 26, 2025, also sought orders restraining Nestoil from interfering with the receiver/manager’s operations and staying further proceedings at the lower court.
The appellate court granted the requests on November 28, 2025, paving the way for police operatives to move in and take control of Nestoil’s Victoria Island offices on Monday.
The Court of Appeal has fixed December 4, 2025, for hearing the substantive motion on notice.
