$2 Billion Debt: Nestoil Crisis Deepens As Receiver Repossesses Offices After Appeal Court’s Reversal

It is not yet uhuru as the corporate offices of Nestoil Limited in Victoria Island, Lagos, have been repossessed by the receiver following a “restorative injunction” by a court of appeal sitting in Lagos.

The company had been placed under receivership by a consortium of lenders over a reported $2 billion debt following a federal high court order.

However, Nestoil Limited and its sister company, Neconde Energy Limited, had secured another high court injunction asking the receiver to stay action.

But the court of appeal has now restored the original court order and police took over the headquarters of Nestoil on Monday.

Source: TheCable