Ernest Azudialu Won Back Control of Nestoil After Court Lifts $1 Billion Freeze

Nestoil Group has finally regained its footing after weeks of uncertainty, as the Federal High Court in Lagos lifted a massive asset-freeze order that had blocked access to more than $1 billion worth of funds and properties tied to the company and its founder, Ernest Azudialu-Obiejesi.

The ruling marks a big turning point for one of Nigeria’s most important indigenous engineering and energy companies, and it restores full control to the man who built it from the ground up.

This is a major legal breakthrough

The court’s latest decision overturned an earlier injunction issued on 22 October, which had frozen Nestoil’s accounts across over 20 banks and placed the company’s assets under the control of a consortium of creditor banks. 

That order had created serious concerns about the company’s ability to carry out its ongoing projects.

But after the case was reassigned, the court lifted the restrictions on 20 November, handing Azudialu and Nestoil back their financial and operational freedom. This means the company can now access its accounts, manage its assets, and continue its business activities without interference.

The dispute behind the freeze

The asset freeze originally stemmed from a heated dispute involving claims of more than $1 billion in alleged debt, plus an additional $294 million. 

While the injunction was in place, the company repeatedly maintained that it was stable, operational, and capable of meeting its obligations.

Still, the freeze created pressure across the business, as it affected everything from cash flow to access to critical project resources. The lifting of the order has now removed that uncertainty.

Nestoil is  a company built on three decades of growth

Founded in 1991 by Ernest Azudialu-Obiejesi, Nestoil has grown into one of Africa’s most respected EPCC firms handling engineering, procurement, construction, and commissioning projects across the continent.

The company employs more than 3,000 people and runs projects in areas like pipeline construction, civil engineering, pressure vessel manufacturing, steel fabrication, drilling services, aviation, and even marine dry-docking. 

Over the years, Nestoil has played a big role in strengthening energy infrastructure across Africa.

Beyond business, Azudialu is also known for his philanthropic work through the Obijackson Foundation, which supports education, healthcare, and community development.

With the freeze now lifted, Nestoil can return to its operations fully, continuing ongoing projects and reconnecting with partners across the region. 

The ruling is not just a victory for the company, it is also good news for the wider African energy sector, which depends on strong indigenous firms for development, jobs, and major infrastructure work.