Nigerian Court Freezes Nestoil and Neconde Assets Over $1bn Debt

The Federal High Court in Lagos has frozen the assets and bank accounts of Nestoil Limited and Neconde Energy Limited over an alleged debt exceeding $1 billion. Justice Dipeolu issued the order in a debt recovery suit, preventing the dissipation of assets.

The court listed financial institutions to freeze accounts, including Access Bank, First Bank, Zenith Bank, and Union Bank. The Nigerian Navy, Police, and DSS were ordered to enforce the freeze.

The debt includes personal guarantees by Ernest Azudialu Obiejesi and Nnenna Obiejesi.