By George Ozalla
Indigenous oil and gas engineering firm Nestoil Limited has reassured its clients, partners, and the general public of its financial stability and continued operations following reports linking the company to a debt recovery suit and an asset-freezing order. In a press statement signed today by its Corporate Communications Department, the company described the circulating claims of bankruptcy as entirely false and misleading, stressing that Nestoil remains financially sound and fully operational across all its projects.
The statement explained that the recent Federal High Court order pertains only to an ongoing commercial dispute and does not amount to a declaration of bankruptcy, insolvency, or liquidation. It affirmed that the company continues to meet its contractual and financial obligations, assuring employees, partners, and clients that operations are running smoothly. Nestoil further stated that it has commenced all necessary legal and administrative steps to clarify the situation and that it remains committed to upholding the highest standards of corporate governance and transparency.
The company urged members of the public to disregard unverified reports and rely solely on official communications from Nestoil for accurate information. The clarification comes amid online speculation following news of a court injunction reportedly obtained by two financial institutions. However, industry observers note that such legal actions are not uncommon in commercial disputes and do not necessarily imply financial distress.
Founded in 1991, Nestoil Limited is one of Nigeria’s foremost indigenous engineering, procurement, construction, and commissioning (EPCC) companies in the oil and gas sector. Over the years, it has handled major projects for both public and private clients, contributing significantly to Nigeria’s local content development and energy infrastructure growth.
