Home » Nigeria’s anti-graft agency confiscates oil tycoon Ernest Azudialu Obiejesi’s home in affluent Ikoyi

Nigeria’s anti-graft agency confiscates oil tycoon Ernest Azudialu Obiejesi’s home in affluent Ikoyi

by Editorial Team

Nigeria’s Economic and Financial Crimes Commission (EFCC) has confiscated the luxurious Ikoyo residence of one of Nigeria’s best-known oil entrepreneurs. 

According to The Nigerian Voice, speculations abound that energy industry mogul Ernest Nnaemeka Azudialu Obiejesi is under investigation for financial crimes.

Obiejesi is a Nigerian business magnate and philanthropist. He is the chairman and CEO of Nestoil and the founder of the Obijackson Foundation. 

In 2012, Nestoil was blacklisted by the Central Bank for defaulting in the service of a N13.506-billion ($85 million) loan secured from a local commercial bank among more than 417 other companies and wealthy businessmen, including former Forte Oil Chairman Femi Otedola, MRS Oil Nigeria Chairman Alhaji Sayyu Dantata and Arik Air owner Johnson Arumemi-Ikhide.

The Central Bank arrived at the decision after Obiejesi and the other debtors failed to pay back their loans, although they had purchased the debt at a price agreed upon with the Asset Management Corporation of Nigeria. Obiejesi allegedly defaulted in servicing the facility, which he obtained in order to build the Nestoil Towers office complex. 

The Nigerian Voice also reported that Obiejesi benefited during former President Goodluck Jonathan’s administration, receiving lucrative state oil contracts.

Obiejesi is known for his expensive taste, obsession with aircraft and penchant for acquiring private jets and pricey automobiles.

During the recent opening of the Anambra State Airport, Obiejesi’s private jet was the third plane that landed at the facility.

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