By Eric Elezuo
The Federal High Court, Lagos, has ordered the confiscation and forfeiture of all property including shares, bonds and bussinesses linked to Mr. Ernest Azudialu-Obiejesi, his partner, Nnenna Obiejesi, his companies, Nestoil Limited and Neconde Energy, within the jurisdiction of the court.
Consequently, members of the Nigerian Police Force, supported by the Navy were on ground Tuesday morning to enforce the court order pending when debt owed to affiliates of FirstBank of Nigeria Limited, as at September 30, 2025 are fully paid.
The ruling was contained in a certified true copy of judgment dated October 22, 2025, delivered by the Honourable Justice D. I. Dipeolu, and signed by the Registrar, Orakwe Nonye Ossy, and obtained by The Boss Newspaper.
In the case filed before Justice Dipeolu on October 20, FBNQUEST Merchant Bank Limited and First Trustees Limited as Plaintiffs/Respondents, have sought an order for the repayment of a debt totaling US$1.012,608,386.91 (One Billion, Twelve Million, Six Hundeed and Eight Thousand USDollars, 91 Cents) and N420,014,064,380.77 (Four Hundred and Thirty Billion, Fourteen Million, Sixty Thousand, Three Hundred and Eighty Naira, Seven Seven Kobo), owed them by Obiejesi, his partner and his companies including Nestoil Limited and Neconde Energy Limited, who were listed as defendants.
Adjourning the matter till November 7, 2025 for hearing of Motion on Notice, Justice Dipeolu ordered that the property be sealed, and the companies including Citibank, listed as respondents, where shares and assets of the defendants are lodged to depose on oath the shares, assets, investments and sums among other things with Seven days of receiving the judgment’s certified true copy.
By the judgment, Honorable Justice granted the custody of any property belonging to the defendants to the Plaintiffs, including the office at 41/42 Akin Adesola street, Victoria Island, Lagos and any other asset wherever they may found within the jurisdiction of the court as well as the defendant’s interest in OML 41 JV by virtue of Deed of Appointment dated August 21, 2025 pending the hearing and determination of motion of notice on November 7.
