Banks Place Nestoil Under Receivership Over $1bn Debt

Nestoil Limited, a Nigerian oil and gas company, has been placed under receivership by banks over a $1 billion debt. The company's headquarters in Victoria Island, Lagos, was sealed off by the police.

A consortium of lenders reported the debt issue to the Federal High Court in Lagos, leading to the court issuing orders against Nestoil Limited and its affiliates. Notable individuals involved include Ernest Azudialu Obiejesi and Nnenna Obiejesi.

The legal actions were authorized by First Trustees and its subsidiary, FBNQuest Merchant Bank.