The receiver has taken control of the corporate offices of Nestoil Limited located in Victoria Island, Lagos, in line with a “restorative injunction” issued by the court of appeal in Lagos.
Nestoil was previously placed under receivership by a consortium of lenders over an alleged $2 billion debt, following a ruling by the federal high court.
In response, both Nestoil Limited and Neconde Energy Limited obtained a separate high court ruling that directed the receiver to pause its actions.
The court of appeal has now reinstated the initial order, leading to police enforcement and the takeover of Nestoil’s headquarters on Monday.
Details Later..