Nestoil Boss, Ernest Azudialu-Obiejesi, To Face EFCC Over N20.3bn

Nestoil Boss, Ernest Azudialu-Obiejesi, To Face EFCC Over N20.3bn

It’s been one week, one problem for Nigerian billionaire Ernest Azudialu-Obiejesi, chairman and chief executive officer of Nestoil Group, according to The Witness.

Recall that the EFCC raided the businessman’s mansion on Modupe Alakija Crescent, formerly known as Ikoyi Crescent, a few weeks ago. The ultra-modern building was marked with the anti-graft agency’s trademark red writing, suggesting that it was being investigated.

However, after several hours, which were followed numerous phone calls to some highly influential people, the red ink was washed off the property.

Latest findings by The Witness revealed that one of the Nigerian new generation banks has reinstituted its battle against Azudialu-Obiejesi and his Nestoil Group, over an unpaid loan amounting to the tune of N20.3 billion.

In a petition to the Economic and Financial Crimes Commission (EFCC), the lender alleged that Azudialu-Obiejesi and his company have refused to service or pay the said loan which was allegedly used to finance Nestoil Towers, a 5-floor structure on Akin Adesola Street, Victoria Island.

The lender however pleaded with the anti-graft agency to assist in recovering the said fund.

Sources say Obiejesi’s penchant for non-payment of loans to banks is quite high as another lender, Guaranty Trust Bank Limited, had previously had a running battle with the Anambra-born businessman over unpaid loans.

Our reporter contacted Mr. Nnaji Igwe, Nestoil’s associate director and chief of staff, for the company’s angle to the development. In his response, Mr. Igwe said he had forwarded the inquiries to the corporate communications department of the company and promised that they would revert but there were no responses as at press time.

Nestoil, incorporated in Nigeria in 1991, offers engineering, procurement and construction (EPC) services to the oil and gas industry.