Nestoil Group has won a major legal reprieve after the Federal High Court lifted a sweeping asset-freeze order that had tied up more than $1 billion in funds and assets linked to the company and its founder, Ernest Azudialu-Obiejesi.

The Federal High Court in Lagos has lifted a $1 billion asset freeze on Nestoil Group, enabling the Nigerian engineering and energy company to regain access to its financial and operational holdings and continue normal business activities. The ruling also restores authority over assets tied to founder Ernest Azudialu-Obiejesi.

Court overturns receivership and unfreezes accounts

The Federal High Court issued a ruling on 20 November following a case reassignment, overturning an earlier injunction from 22 October that had frozen the company’s accounts and restricted access to its assets.

The original order had affected accounts across more than 20 Nigerian banks and allowed a consortium of creditor banks to assume control over the company’s assets. It had also blocked access to shares and other resources linked to the company and its affiliate.

However, with the recent ruling, full control over the company’s financial and operational resources has been restored, enabling it to resume normal activities and continue ongoing projects across the region.

Background: $1bn debt dispute

The injunction arose from a high-stakes dispute in which banks sought to recover about $1.01 billion and an additional $294 million (₦430 billion), representing the alleged indebtedness as of September 30, 2025.

Despite the injunction, the company maintained that it remained fully operational and financially stable throughout the period.

Driving business and development across Africa

Founded in 1991 by Ernest Azudialu-Obiejesi, Nestoil Limited has grown into a top African engineering, procurement, construction, and commissioning (EPCC) firm.

The company employs over 3,000 people and manages projects across Africa, spanning pipeline construction, pressure vessel manufacturing, civil works, dredging, steel fabrication, horizontal directional drilling, exploration and production, aviation, and dry-docking services.

Beyond his business ventures, he leads the Obijackson Foundation, which invests in education, healthcare, and community development programs, cementing his role as both a business and philanthropic leader in Africa.

Resuming operations and regional impact

With the court’s decision lifting the asset freeze, Nestoil can now resume its operations and ongoing projects without legal uncertainty.

The ruling comes as a relief not only for the company but also for the broader African energy sector, which relies on indigenous firms like Nestoil for employment, regional development, and critical energy infrastructure projects. (Business Insider Africa)

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