Panic as EFCC swoops in on Nest Oil boss Ernest Azudialu


Ernest Azudialu-Obiejesi, founder of Nest Oil to be swooped by EFCC over outstanding N20.3 billion debt, ENigeria Newspaper reports.

Ernest Azudialu-Obiejesi also known as Obi Jackson, like many other Nigerian billionaires on paper, is an overdraft billionaire who funds his extravagant and flamboyant lifestyle with debt due to banks, however he squanders all of his riches maintaining his lifestyle without breaking a sweat.

Only a few months ago, ENigeria Newspaper revealed that the Economic and Financial Crimes Commission had raided the luxurious and vast residence of the controversial Chairman of Nest Oil Group on Modupe Alakija Crescent .

According to ENigeria Newspaper report, the ultra-modern property was tagged with the anti-graft agency’s signature red ink, suggesting that it was under investigation.

The red ink was cleaned off the property after several hours, which were followed by numerous phone calls to some highly prominent people.

According to recent revelations by The Witness, one of Nigeria’s new generation banks has resurrected its fight against Ernest Azudialu-Obiejesi and his Nest Oil Group for a N20.3 billion unpaid debt.

The lender claimed in a petition to the Economic and Financial Crimes Commission (EFCC) that Azudialu-Obiejesi (Obi Jackson) and his firm refused to service or pay the loan, which was reportedly used to fund Nest Oil Towers, a 5-story tower on Victoria Island’s Akin Adesola Street.

The lender, on the other hand, pleaded with the anti-graft agency to help retrieve the funds.

According to sources, Obiejesi has a history of not repaying bank loans, as another lender, Guaranty Trust Bank Limited, has a long-running dispute with the Anambra-born businessman over unpaid liabilities.

Mr. Nnaji Igwe, Nest Oil’s assistant director and chief of staff, was called by our reporter for his perspective on the situation. Mr. Igwe responded by saying he had submitted the inquiries to the company’s corporate communications department and promised a response, but there had been no response as of press time.

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