Nigerian Banks Take Over Nestoil in $1 Billion Debt Dispute

Nigerian banks, led by a consortium, have seized control of Nestoil, a major oil and gas service company, over a $1 billion debt dispute. The takeover was initiated following a Federal High Court order obtained on October 22, 2025, in Lagos.

First Trustees, along with its subsidiary FBNQuest Merchant Bank, have assumed control of Nestoil's assets through a receivership order. The company, owned by Ernest Azudialu Obiejesi and Nnenna Obiejesi, has faced financial struggles and mounting debt, leading to the current receivership action.