Appeal Court restores injunction as Nestoil Offices Repossessed in Lagos, enabling police to enforce receivership over a major debt dispute
The Court of Appeal in Lagos on Monday reinstated a restorative injunction that allowed a receiver to repossess the corporate headquarters of Nestoil Limited on Victoria Island, bringing a dramatic turn to the long-running debt dispute involving the oil and gas firm.
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Police officers accompanied the receiver to enforce the order and formally take control of the building.
The case dates back to an earlier ruling of the Federal High Court, which placed Nestoil Limited and its related company, Neconde Energy Limited, under receivership over a reported two-billion-dollar debt owed to a consortium of lenders. The lenders had argued that enforcement was necessary to protect their financial exposure.
Nestoil and Neconde subsequently secured a separate high court injunction directing the receiver to halt further action pending the determination of their appeal.
That interim relief temporarily stalled efforts to take possession of the company’s assets.
The appellate decision has now overturned the stay, restoring authority to the receiver and effectively reinstating the original receivership order.
The judgment marks a significant legal victory for the lenders and sets the stage for a renewed battle over control of the companies’ assets.
Police deployment at the Victoria Island headquarters attracted attention from workers and passers-by, underscoring the high-stakes nature of the dispute.
While the companies have yet to issue a fresh public response, sources close to the matter said management may pursue further legal options.
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The case has emerged as one of the most consequential corporate debt enforcement actions in Nigeria this year, highlighting the increasingly assertive approach of financial institutions seeking to recover large exposures.
