Troubles have continued to rack up for Nigerian businessman, Ernest Azudialu-Obiejesi, chairman and chief executive officer of Nestoil Group, as it has been one week, one trouble for him. Recently, the Economic and Financial Crimes Commission (EFCC), swooped in on the businessman and sealed his expansive residence on Modupe Alakija Crescent, formerly known as Ikoyi Crescent. The ultra-modern property was marked with the anti-graft agency’s signature red ink, indicating that it was under investigation.
However, after several hours, which were reportedly followed by numerous phone calls to some highly influential people, the red ink was washed off the property. Findings 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 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. Zenith Bank The lender, however, pleaded with the anti-graft agency to assist in recovering the said fund. Sources said that 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.
Mr. Nnaji Igwe, Nestoil’s associate director and chief of staff, when contacted for the company’s angle to the development, said that he had forwarded the inquiries to the corporate communications department of the company and promised that they would revert but there were no responses. Nestoil, incorporated in Nigeria in 1991, offers engineering, procurement and construction (EPC) services to the oil and gas industry.
