Nestoil

What Nestoil does

Nestoil Limited is a privately held Nigerian oil and gas company founded in 1991 and headquartered in Lagos, operating across the Nestoil Group umbrella that includes energy, infrastructure, and telecommunications businesses. The company provides upstream oil and gas production services, with crude oil extraction and processing conducted primarily on OML 42 through its affiliate Neconde Energy Limited. Neconde operates the asset under a Financial and Technical Services Agreement (FTSA), a contractual model in which the operator is engaged to manage and scale production on behalf of the asset owners; this arrangement has supported a ramp from prior levels to 50,000 barrels per day as of May 2025, with a stated target of 70,000 barrels per day via the Egwa 2 field reopening.

The business model is B2B crude oil production, with revenue derived from crude sales through established petroleum offtake arrangements within Nigeria; pricing is not publicly disclosed. Nestoil's broader group portfolio, built under founder and chairman Ernest Azudialu-Obiejesi, spans Century Power Generation, Energy Works Technology, and Smile Communications, signaling diversification across energy and infrastructure verticals.

The company has been mired in significant legal and financial distress since late 2025, with FBNQuest Merchant Bank and First Trustees Limited pursuing a $1.01 billion and N430 billion debt claim that triggered asset freezes, a court-appointed receiver, and a police-sealed Lagos headquarters. Nestoil and Neconde have responded with a $1.8 billion damages suit against the banks and, through 2026, secured a series of Supreme Court rulings that set aside Court of Appeal ex parte orders, restored counsel representation, and led to the reopening of Nestoil Towers in June 2026. Production has nonetheless declined materially during the dispute, and resolution of the underlying debt remains unresolved.

Name

Nestoil

Legal name

Nestoil Limited

Website

https://nestoilgroup.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Nestoil Limited is a privately held Nigerian oil and gas company that operates upstream crude production on OML 42 through its affiliate Neconde Energy Limited under an FTSA model, serving petroleum offtake markets in Nigeria.

Ownership category

akta.pro rank

Headquarters

HQ city

Port Harcourt

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Distribution channels1 record

Core offering

Nestoil Limited is a Nigerian indigenous oil and gas company that provides upstream oil and gas production services, including crude oil extraction and processing on OML 42 through its affiliate Neconde Energy Limited under a Financial and Technical Services Agreement. The company also delivers EPCC services, pipeline construction, and project management for oil and gas clients, with reported production capacity of approximately 50,000 barrels per day as of May 2025 and a target of 70,000 barrels per day.

Product overview

Nestoil is a Nigerian oil and gas company that operates primarily in crude oil production. The company has been involved in production operations on OML 42 through its affiliate Neconde Energy Limited. Nestoil's core business encompasses upstream oil and gas services, with production capacity that has been reported at approximately 60,000 barrels per day before legal disputes impacted operations. The company also has related operations in power generation and energy technology through associated companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Production Services Crude oil extraction and processing operations on OML 42 in Nigeria, delivered through affiliate Neconde Energy Limited under a Financial and Technical Services Agreement. Target customers are offtake partners and petroleum industry supply chain participants; reported capacity is approximately 50,000 barrels per day as of May 2025 with a 70,000 barrels per day target.
• EPCC and Pipeline Construction Services Engineering, procurement, construction and commissioning (EPCC) services and pipeline construction for oil and gas operators in Nigeria, along with related project management. For enterprise clients in the oil and gas sector requiring onshore infrastructure execution.
• Power Generation (Century Power Generation) Power generation operations conducted through Century Power Generation, part of the Nestoil Group's diversified energy portfolio.
• Energy Technology Services (Energy Works Technology) Energy technology services offered through Energy Works Technology, part of the Nestoil Group's diversified energy portfolio.
• Telecommunications Services (Smile Communications) Telecommunications services operated through Smile Communications, part of the Nestoil Group's diversified portfolio outside core oil and gas.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Neconde Energy LimitedcoreStrategic or Co-development PartnerAffiliate company operated by Nestoil Group. Neconde operates OML 42 under Financial and Technical Services Agreement (FTSA), increasing production to 50,000 barrels per day as of May 2025.

Scale indicators5 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Seplat Energy: Leading Nigerian independent E&P company with onshore and shallow offshore oil and gas assets. Closely comparable to Nestoil/Neconde as a Nigerian indigenous upstream operator focused on production growth and asset development.
• Oando Energy Resources: Nigerian integrated oil and gas company with upstream production and downstream operations. Comparable to Nestoil as a domestic indigenous player with upstream assets and broader energy exposure.
• Waltersmith Petroman Oil: Nigerian indigenous oil producer operating onshore assets with a focus on production optimization. Directly comparable as another homegrown upstream operator scaling production in Nigeria.
• ND Western Limited: Nigerian upstream oil and gas company with producing assets and midstream interests. Comparable to Nestoil/Neconde in operating Nigerian oil licenses with indigenous participation.
• First E&P: Nigerian oil and gas exploration and production company. Comparable as another Nigerian-focused E&P peer competing in the same upstream opportunity set.
• Niger Delta Exploration & Production (NDEP): Nigerian indigenous oil and gas producer with onshore assets in the Niger Delta. Comparable to Nestoil's Neconde operations in scale and asset type.
• Oriental Energy Resources: Nigerian upstream oil and gas company focused on offshore production. Comparable as an indigenous E&P operator active in Nigerian oil fields.

Broad incumbents

• Sahara Group: Nigerian energy conglomerate spanning upstream, power, and infrastructure. Comparable to Nestoil Group's diversified energy and infrastructure footprint rather than its pure upstream focus.
• Petrofac: International EPCC and oilfield services company with significant Nigerian operations. Comparable to Nestoil's pipeline construction and project management services for the oil and gas industry.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/nestoilltd
• Facebookfacebook.com/nestoilltd
• LinkedInlinkedin.com/company/nestoilgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nestoil