Ernest Azudialu freed from $1 billion asset freeze

Nestoil Group, a leading Nigerian engineering, procurement, construction, and commissioning (EPCC) company owned by Ernest Azudialu-Obiejesi, has won a significant legal reprieve. The Federal High Court in Lagos on Thursday lifted an asset-freeze order that had affected Nestoil, its affiliates, and key company directors in a $1 billion debt dispute.

Court lifts injunction on Nestoil funds

The decision, handed down by Justice Daniel Osiagor, came after the Chief Judge of the Federal High Court reassigned the case from Justice Dehinde Dipeolu. Justice Osiagor’s ruling effectively reverses the previous injunction, removing restrictions that had prevented the company from accessing funds, shares and assets. It also nullifies the receivership powers earlier granted to a consortium of creditor banks.

The original injunction, issued on Oct. 22 by Justice Dipeolu, had frozen Nestoil’s accounts across more than 20 banks and financial institutions. It also authorized First Trustees and FBNQuest Merchant Bank to take possession of the company’s assets under a receivership arrangement. Nestoil’s founders, Ernest Azudialu-Obiejesi and Nnenna Obiejesi were directly affected by the sweeping order which raised concerns in Nigeria’s energy sector.

Azudialu-Obiejesi balances business, philanthropy

Founded in 1991 by Ernest Azudialu-Obiejesi, Nestoil Group has grown into one of Nigeria’s top indigenous EPCC companies, delivering projects in the oil and gas industry. He later founded Neconde Energy, which now manages operations on OML 42 in the Niger Delta further contributing significantly to local production and employment.

Beyond his work in energy, Azudialu-Obiejesi holds leadership roles in multiple business ventures including the Obijackson Group. He also oversees a family foundation focused on education, health and community development. His commercial and philanthropic initiatives have cemented his position as a top figure in Nigeria’s corporate and philanthropic scenes.

Legal victory clears Nestoil’s operations

With the court’s decision lifting the asset-freeze, Nestoil can now resume normal operations and pursue ongoing projects without the uncertainty that had clouded its finances. For the company the ruling marks a turning point in what had been a prolonged and high-stakes legal dispute.