Federal High Court Lifts Mareva Injunction on Nestoil as Dr. Ernest Azudialu Obiejesi Celebrates “Triumphant Return” Amid Fierce Legal Battle Over Alleged Multi-Billion-Dollar Debt

Dr. Ernest Azudialu Obiejesi, OFR, has shared pictures of what he described as his “triumphant return” to his office at the Nestoil Headquarters, posting the images on his official Instagram page, @ErnestAzudialu. The move comes just hours after a major legal twist in the high-stakes financial and judicial drama involving Nestoil Limited, its affiliate Neconde Energy Limited, and their principal promoters.

The Federal High Court in Lagos has set aside the Mareva injunction that previously froze the assets of Nestoil, Neconde Energy, and their directors over an alleged multi-billion-dollar debt dispute.

The ruling was delivered by Justice D.E. Osiagor on Thursday after listening to arguments from counsels on whether the Mareva orders granted earlier by Justice Deinde Dipeolu were still in force. Justice Osiagor declared that “there is no more a subsisting ex parte order having spent 14 days of the motion on notice challenging the same.”

According to court documents obtained, the judge further stated that “the order having been spent has left the arguments of the parties affected by the ex parte order mute or academic.”

On 22 October, Justice Deinde Dipeolu issued sweeping Mareva injunctions against Nestoil, Neconde Energy, and their promoters, Ernest Azudialu-Obiejesi and Nnena Obiejesi. The orders froze their bank accounts and shares in more than twenty Nigerian banks and financial institutions.

The long list of affected institutions included Citibank, Fidelity Bank, GTBank, Standard Chartered Bank, Polaris Bank, Stanbic IBTC, Opay, Wema Bank, Globus Bank, Keystone Bank, Providus Bank, Unity Bank and others, as well as several affiliated companies such as Gobowen Exploration, Hammako Consortium, Santa Spring Oil & Gas, Krawcod Properties, Marine & Ocean Infinity, and White Dove Shipping.

The orders were secured by FBNQuest and First Trustees, who claimed that Nestoil and Neconde owed over $1.01 billion and ₦430 billion in loan facilities as of 30 September 2025.

Beyond the asset freeze, Justice Dipeolu directed security agencies, including the Police, Navy, and DSS to support enforcement efforts. He further authorised the plaintiffs’ appointed receiver/manager, Abubakar Sulu-Gambari, to take over Nestoil’s headquarters at 41/42 Akin Adesola Street, Victoria Island, along with other assets.

The order also empowered the receiver to assume control of Neconde’s interest in OML 42, a major oil asset jointly operated with the NNPC Limited and its subsidiaries.

The Nigerian Upstream Petroleum Regulatory Commission and NNPCL were instructed to allow the receiver access to the oil block and supervise production and revenue operations.

On 28 October, heavily armed police officers sealed Nestoil headquarters following the court directive authorising takeover of the company’s assets.

On 3 November, Nestoil and Neconde lodged petitions with the National Judicial Council and the Chief Judge of the Federal High Court, Justice John Tsoho. They demanded reassignment of the case to a different judge, alleging misconduct and unfair treatment.

The petitions argued that:

1. The judge granted “sweeping” receivership powers without proof that the companies were dissipating assets.

2. The court failed to verify that the Victoria Island office building actually belongs to Drawcok Estates Limited, not Nestoil or Neconde.

3. Some banks, like Ecobank and UBA, dissociated from the suit and even appointed their own receivers.

When the matter resumed on 7 November, Justice Dipeolu announced that a petition had been filed against him, prompting the adjournment of proceedings.

A legal practitioner familiar with the case told journalists that the petition was allegedly “part of an elaborate plot” to remove Justice Dipeolu, describing him as a judge known for “firmness and integrity.”

Mr. Azudialu-Obiejesi, however, insisted otherwise, telling:

“He is biased, and we don’t think we can get justice from him. We employ about 3,000 people, yet he gave an ex parte order shutting down our operations and confiscating our assets without hearing our side or confirming if we indeed owe the banks.”

Following Justice Osiagor’s Thursday ruling nullifying the Mareva injunction, the case was adjourned to 25 November for hearing on the motion for joinder and 12 December for pending applications.

Receiver/Manager Abubakar Sulu-Gambari has insisted that the lifting of the Mareva injunction does not affect his receivership over Nestoil or Neconde Energy. In a Thursday press statement, he notified banks and other concerned parties that the receivership remains active, citing the Deed of Appointment filed on 19 August 2025.

“Consequently, the undersigned remains Receiver/Manager,” he affirmed, noting that legal action is ongoing to the fullest extent of the law.

He warned that any dealings with persons representing Nestoil or Neconde without his authorisation relating to contracts, projects, or assets in oil, gas, power, or infrastructure are illegal and carry “legal implications.”

As Dr. Ernest Azudialu Obiejesi celebrates his “triumphant return” to his office, the multi-layered legal confrontation involving Nestoil, Neconde, FBNQuest, and the Federal High Court continues to intensify.

What lies ahead is a prolonged legal tussle—one involving staggering financial claims, powerful institutions, and disputes over judicial conduct—whose final outcome will significantly impact N igeria’s oil, gas, and corporate finance sectors.