… says operations unaffected by court order
Nestoil Limited, Nigeria’s oil services giant, has responded quickly after police sealed its Lagos headquarters.
The company wants to assure its workers and partners that the business remains strong and steady. This action comes after a group of banks moved to take control of Nestoil over a debt of more than $1 billion.
The company has told the public the situation is simply a “commercial matter” that is currently before the court in a statement issued by its corporate communications department . The company’s main goal is to protect its operations and the many jobs it provides across the country.
The Company’s Official Stance:
The police action was the result of a court order on October 22, 2025, known as a Mareva injunction. This order froze the company’s assets to ensure the $1.01 billion and N430 billion debt could eventually be repaid.
Despite the serious court action, the company stated its commitment to a clean resolution. The corporate communications department, Nestoil Group confirmed that the company is “cooperating fully with all relevant authorities and financial partners.” This proactive approach aims to solve the complex issue legally and quickly.
Business and Jobs Are Unaffected
The biggest concern for workers and the public is whether vital projects will stop. Nestoil strongly stated that this will not happen.
The corporate communications department, Nestoil Group assured stakeholders that “Nestoil remains fully operational across all business lines.” They stressed that projects in the oil, gas, power, and infrastructure sectors continue without any pause. The Group has already put measures in place to ensure “business continuity.”
The company also moved to calm fears about its financial health. The Group reassured the market by stating they “remain financially strong, operationally stable.” After more than 30 years in business, Nestoil maintains its core values of resilience and integrity while working toward a “fair and lasting resolution” with the banks.
The main court hearing for this dispute is expected to take place next month.
Read also: Debt shock: How $1bn in loans led to the seizure of Nestoil’s headquarters
