Abubakar Sulu-Gambari, the receiver manager of Nestoil Limited, says the assets of the company continue to remain in receivership.
Receivership is a legal process that allows a court-appointed neutral receiver to manage a company’s assets in a situation of financial distress.
On October 22, a federal high court in Lagos issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over Nestoil’s assets.
Consequently, police sealed off the company’s corporate headquarters in Victoria Island, Lagos, after a consortium of lenders placed Nestoil under receivership over a reported $1 billion debt.
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Providing updates in a statement, Sulu-Gambari disclosed that the federal high court, on Thursday, set aside the ex-parte orders which were granted on October 22.
However, the receiver said the court ruling does not affect the receivership of Nestoil and the entire undertakings, stocks, goodwill, plant and machinery, moveable and immoveable assets of Neconde Energy Limited in oil mining lease (OML) 42.
“The undersigned was appointed Receiver/Manager pursuant to the Deeds of Appointment dated August 19, 2025 filed at the Corporate Affairs Commission (CAC), notification of which was made at pages 45-46 and 32-33 of the Punch and Guardian Newspapers of October 29, 2025,” the statement reads.
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“Consequently, the undersigned remains Receiver/Manager as stated above.”
He said legal redress is currently being sought to the fullest extent of the law regarding the court’s ruling.
The statement noted that any dealings with persons purportedly acting on behalf of Nestoil or Neconde — in relation to the specified assets or matters concerning the companies, including projects, contracts, and commitments in the oil, gas, power, and infrastructure sectors — must not occur without the knowledge and express authorisation of the appointed receiver/manager.
The receiver said such dealings will be illegal and will attract legal consequences.
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