Court Injunction: Our Operations in Oil, Gas, Power Continue Unhindered, Says Nestoil

Emmanuel Addeh in Abuja

Nestoil Group yesterday reacted to reports relating to a court injunction purportedly impacting its businesses, stating that its subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors will continue without disruption.

THISDAY learnt that the matter concerns Nestoil’s relationship with a consortium of Nigerian lenders, following which a Federal High Court in Lagos has issued a ‘Mareva’ injunction empowering them to take control of the oil firm’s assets.

Besides, it was understood that the court injunction which was granted by Justice D. I. Dipeolu, led to the  enforcement of the ‘receivership’ by the banks.

However Nestoil Group in a statement, acknowledged the media reports regarding the enforcement actions and the status of its corporate assets, but noted that it was important to make some clarifications to its stakeholders, partners, and the general public.

“Nestoil is aware of the reports and ongoing legal processes referenced in the media. The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels.

“The Group continues to cooperate fully with all relevant authorities and financial partners to resolve any outstanding matters in a transparent and responsible manner. Constructive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.

“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption. Proactive measures have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners,” it stated.

The company explained that for over three decades, Nestoil has built a reputation as one of Nigeria’s foremost indigenous Engineering, Procurement and Construction (EPC) and energy companies.

It stressed that it remains guided by its core values of resilience, integrity, and transparency, and will continue to conduct its business with professionalism and respect for the rule of law.

These values, according to Nestoil, define who the company is, and serve as a constant anchor through every challenge and opportunity it faces.

“We understand the concerns that recent reports may have generated and wish to assure all stakeholders that Nestoil Group remains financially strong, operationally stable, and strategically focused.

“We will continue to provide updates as appropriate and urge the public and media to rely solely on verified communications issued directly by the Group,” the company stated.