Nestoil Group Reassures Stakeholders Amid $1bn Receivership Dispute

Nestoil Group faced a receivership dispute as police sealed its Lagos headquarters over a $1 billion debt issue. The Federal High Court in Lagos granted a takeover order to First Trustees and FBNQuest Merchant Bank.

Nestoil emphasized that the court action does not affect its operations, and it remains financially strong. The company is working to resolve the matter transparently and responsibly.

Ernest Azudialu Obiejesi and Nnenna Obiejesi issued a statement reassuring stakeholders of the group's stability and commitment to its projects.