FBN Quest Repossesses Nestoil HQ As $1bn Debt Row Deepens—-Nestoil’s financial woes have taken a turn for the worse as FBN Quest Merchant Bank and First Trustees Limited repossessed the company’s Lagos headquarters over a $1 billion debt. Armed policemen were stationed at the entrance of the building, and the multi-storey facility at 41/42 Akin Adesola Street, Victoria Island, Lagos, was sealed and marked as repossessed.

This latest development follows a Court of Appeal ruling that reversed an earlier Federal High Court decision, allowing the receiver-manager to take over Nestoil’s assets. The debt, reportedly exceeding $1.01 billion and ₦430 billion, has been a longstanding issue for the oil and gas services group.

Nestoil had previously stated that the matter was a commercial dispute being addressed through legal channels, assuring stakeholders that operations remain unaffected across all business lines. However, the repossession of its headquarters signals a new phase in the years-long battle between Nestoil and its creditors.

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

Justice D. I. Dipeolu granted the injunction against the defendants — Nestoil Limited, its affiliate Neconde Energy Limited, and the principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Dipeolu restrained all dealings relating to $1,012,608,386.91 and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.

There were also additional debts personally guaranteed by Azudialu-Obiejesi, including over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.

However, Nestoil and its promoters later approached a federal high court seeking to set aside the Mareva order prior to the latest development.

FINANCIAL CRISIS!!! Access Bank in Turmoil As Court Freezes ₦29bn At CBN, Triggering Anxiety Among Shareholders

In a stunning twist that has sent shockwaves through Nigeria’s financial sector, Access Bank has been thrust into the spotlight after a court ordered the attachment of a staggering ₦29 billion from its accounts with the Central Bank of Nigeria. The dramatic ruling linked to a long-running judgment debt has ignited fresh concerns among investors, rattled shareholders, and sparked whispers across the banking industry.

At the Federal high court sitting in Lagos;issued an Order attaching the funds of ACCESS BANK in the custody of the Central Bank of Nigeria in satisfaction of the Judgment of the Court of Appeal in CA/LAG/CV/1215/2023 gala Construction Co, Ltd & 2 Ors versus Access Bank Plc, on the 10th day of June 2025, in the sum of N28,824,851,515.57 being relief sought in the Applicants’ Counterclaim dated 26% October 2022, together with compounded interest of 32% per annum commencing from the 3rd day of October 2025 till total liquidation of the Judgment sum.

The ruling of the federal high court arose from a case started at Lagos high court sometimes in 2005 between Access Bank Plc versus IGALA Construction company Ltd and two others namely Mr.C.A Khouzam and Reverend (Mrs) Mary Akinlaja

Access bank file it’s claim the defendants,IGALA Construction & 2 Others filed a defence and counter-claim,the case was prosecuted to conclusion.

In the judgment delivered on June 26,2023 the presiding Judge of the Lagos high court S.I.Solanke granted the claims of the Claimants
The Court equally granted the Counter-Claim of the Defendants/Counter-Clamants partially.

However,the Defendant/Counter-Claimants lodged Appeal No. CA/LAG/CV/12 15/2023 Igala Construction Co. Ltd & 2 Ors v Access Bank P/c against the judgement of the High Court of Lagos. Access Bank Plc did not appeal the grant of the Defendants/Counter-Claimants’ Counter-Claim.

The Court of Appeal, Lagos Division, on June 10, 2023 and set aside the judgment entered in favour of the Access bank and affirmed the Counterclaim which the trial court partially granted and, in its stead, granted the entirety of the Counter-Claim in the following terms:

a. A Declaration that the 1st Defendant/Counterclaimant is entitled to the sum of N27,595,152.40 (admitted by the Claimant in its letter dated 20th January 2004 erroneously dated 20th January, 2003 as being due and payable by the Claimant to the 1st Defendant) together with compounded interest at the rate of 24% per annum, commencing from the 1st of April, 2003 until total liquidation.

b. An order of the Court on the Claimant/Defendant to the Counterclaim to pay the said sum of N27, 595, 152.40 (admitted by the Claimant in its letter dated 20th January 2004 erroneously dated 20th January, 2003 as being due and payable by the Claimant) to the lst
Defendant) together with compounded interest at the rte of 24% per annum, commencing the 1st of April 2003 until total liquidation.

C. In addition, the 1st and 2nd Defendants counter Claimants also claim a penalty of 100% of the said amount of N27,595, 152.40 (admitted by the Claimant in its letter dated 20th January 2004 erroneously dated 20th January, 2003 as Being due and payable by the Claimant to the 1st Defendant) together with compounded interest at the rate of 24% per annum, commencing the 1st April, 2003 until total liquidation pursuant to Section 3.2.4(g) of the Central Rank of Nigeria Monetary Policy Circular 37 of 2/1/04,

d. Compound interest on (b) and (c) above (pursuant to the Central Rank of Nigeria Monetary Policy Circular 37 of 2/1/04) at the rate of 32% per annum commencing Ist April 2003, up to the date of judgment and thereafter at the same rate until total liquidation, the Claimants having denied the 1st Defendant/Counterclaimant herein the use and benefit to its fund (A27, 595, 152.40 (admitted by the Claimant in its letter dated 20th
January 2004 erroneously dated 20th January, 2003),

e. The sum of N300 Million as damages for the deliberate malicious and libelous publication made in the written instruction given by the
Claimant/Defendant to Counter-Claim to its Solicitors, Messers F.O. Fagbohungbe & CO. and the P.M.Newspaper of 7th December, 2005 both of which have disparaged, embarrassed and brought the names of the Counter-claimants into disrepute.

f. The Cost of N100 Million being the Solicitors’ fee in defending the Claim by the Claimant and prosecuting the Counter-claimants

Q The filing of the present application in thie Honourable Court followed a
subsequent review of the combined legal import of Section 287 (2) of the 1999 Constitution, Section 83 of the Sheriff and Civil Process Act 2004,

The professional services: of Motunrayo Popoola Aishat – a Chartered Accountant with ICAN Membership No: MB063815 to compute the judgement debt awarded in favour of the the judgment Creditors/Applicants by the Court of Appeal.
As at the 10th of June, 2025, when the Court of Appeal delivered its Judgment, the computation received from the above named Chartered Accountant on the 3rd of July 2025 showed the outstanding Judgment debt.

By the provision of Section 3.2.4 (g) of the Central Bank of Nigeria Monetary Policy Circular 37 of 2/1/04, the ist Judgment Creditor/Applicant is entitled to the refund of N27,595,152.40 admitted by the Judgment Debtor in its letter dated 20th January 2004 erroneously dated 20th January 2003 as being due and payable by the Judgment Debtor to the 1st Judgment Creditor together with compounded interest at the rate of 32 percent per annum (which was what the Judgement Debtor charged the Applicants) commencing 1st April 2003 until total liquidation. 19.In addition, the Judgment Creditors are also entitled to a penalty of 100% above sum, pursuant to Section 3.2.4 (g) of the Central Bank of Nigeria Monetary Policy Circular 37 of 2/1/04, together with compounded interest at the rate of 32 percent per annum commencing ist April 2003 until total liquidation.

It will be in the interest of justice to grant the relief sought by the Judgment Creditors/Applicants in this Application
Consequently,the Judgement creditors urge the court to issue an order attaching the funds of judgement Debtor Access bank in the custody of central bank of Nigeria in satisfaction of the.

Judgment of the Court of Appeal in CA/LAG/CV/1215/2023 Igala Construction Co. Ltd & 2 Ors V Access Bank Ple, delivered on the 10th day of June 2025, which substituted the Judgment of the High Court of Lagos State dated 26th June 2023 in the sum of N28,824,851,515.57 being relief d in the Applicant’s Counterclaim dated 26th October 2022, together with compounded interest of 32% per annum commencing from the 3rd day of October 2025 till total liquidation of the judgment sum.

granted, it does not preclude the judgement creditor from taking steps, It desires to reap the fruits of his judgement. coming from the foregoing, on the strength of the evidence before the court as contained in the affidavit and documentary exhibits of the Applicants, there is merit in the instant application. The Applicants are entitled to the reliefs on the face of the application.