₦airaland Forum

Did you hear the news? Nestoil's corporate headquarters have been sealed off in Lagos! A consortium of lenders has placed the company under receivership over a jaw-dropping $1 billion debt.
Let us know in the comments: What's your immediate reaction to this monumental $1 billion debt crisis? 👇

BREAKING: Banks place Nestoil under receivership over $1bn debt

Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.

A federal high court sitting in Lagos had on October 22, 2025 issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.

Justice D. I. Dipeolu issued the injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
#TheCableIndex

https://x.com/thecableindex/status/1983160390130303154/photo/1

How on earth did they arrive at $1B debt?

Business is suppose to be a look-before-you-leap affair guided by professional risk management and analytics. Someone is probably smiling somewhere now.

This is very sad. I hope he overcomes this.

ANYTHING IS POSSIBLE WITH TINBUBU ON A STOLEN MANDATE.


NOW, LET THEM GO AND TAKEOVER DANGOTE OWN.




EVEN THE OWNER OF NESTOIL GO THEY LAUGH THEM, ON TOP BUILDING WEY NO REACH THE PRICE THEY ARE CLAIMING HE OWE.

God saved my boss. Thank God he left that place & returned to his former place. This company, I used to desire to work there when I used to work on the island. Such is life...

CodeTemplarr:
How on earth did they arrive at $1B debt?

Business is suppose to be a look-before-you-leap affair guided by professional risk management and analytics. Someone is probably smiling somewhere now.

Cumulative interest on acquired loan over a long period of time, I guess.

Many businesses are ran on loans. Sometimes business expectations don't materialise, but the lenders must find a way to get their money back.

A risk taken too far.....calculated risk turn Huge debts

Hahahahah they use the funds enter forex and Jerome come shout DUMPIT

Chimookigwe:
This is very sad. I hope he overcomes this.

Amen. One of the companies I love so much

Hmmm how did that happen....I need to understand how first bank with a value of 850m dollars allowed someone to owe them 1.3 bn dollars ?
Same thing happened to Smile communications , it was forcefully siezed by a UK court and handed over to people smile owed

Risk Management was sidelined when critical decisions was taken

Omorr, this one loud oOoOO. Management don chop money, shareholders stocks don vaporize oOoOO 😥😩🥲

Business World is very brutal.
Over reliance on boardroom logic and foreign verification that lacks touch with uniqueness if Nigeria Business Environment contributes a lot to these issues
Traditional Accountants, Business Managers and seasoned indigenous tax professionals is the answer.

I heard from grapevine source that Dangote once said there is no ethics in Business. Mindset like this is capable of destroying investor's confidence, erodes trust and crumble even the most formidable business empire.

I expected Nestoul to contest the court ruling. Taking control of its corporate HQs is very embarrassing.

Let’s compare 1b$ to my 97k Naira wey loan app wan kpai me with calls

Hmmmm....

Loans, investors money can kill if not very well managed

CodeTemplarr:
How on earth did they arrive at $1B debt?

Business is suppose to be a look-before-you-leap affair guided by professional risk management and analytics. Someone is probably smiling somewhere now.

Naso na😎, business is a risk taking venture. You enjoy it or it consumes you 📌💯

Hmmmm....

Loans, investors money can kill if not very well managed

These guys who are entered the into the oil and gas sector to eat subsidy payments, without subsidy business shut down.

My heart goes out to my brother, Obijackson at this difficult moment in his life and business.

This underscores my assertion that most of the people the media and the Otimkpus promote as billionaires are too neck deep in debt. This applies to most of your favorite top richest men and women in Africa. If you see their liabilities, you would thank God for the little you have. There is one of them who has been hiding from creditors for over 20 years, yet the media keep singing his praises all the time. May God help them.

His in-law ekulo will pay

IMO ,the money spent on that tower is not a smart investment.

kingar:
Let’s compare 1b$ to my 97k Naira wey loan app wan kpai me with calls

Bia you better payup 0.000000000000000000001% of their money before Apams memorial service go handle you

kingar:
Let’s compare 1b$ to my 97k Naira wey loan app wan kpai me with calls

Go and pay back that loan app and stop this silly acts of not paying your debts

I walked by when this building was being sealed in VI today.

Serious heavy security all around and I couldn't dare take a picture.

BarrElChapo:
These guys who are enter into the oil and gas to eat subsidy, without subsidy business shut down

As in, baba you too Sabi 📌💯. E don hook for neck🤷🏿. I just hope the management didn't give kickback to any politician which is obvious. Na automatic sacking to staffs oOoOO

Peeggs arrmaakar

Richest tribe indeed

That’s 1.4 trillion naira debt. Maybe he didn’t get good financial advice for debt management.

tonero230:
His in-law ekulo will pay

In-law ke, He will carry his cross 🤷🏿.

doncartel:
That’s 1.4 trillion naira debt. Maybe he didn’t get good financial advice for debt management.

Time to sell that school he built in his hometown 🤷🏿