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EFCC Begins Investigation Into Nestoil Chairman, Ernest Azudialu, Seals Lagos Residence

Ernest Azudialu Obiejesi, the Chairman/Chief Executive Officer of Nestoil Group and NECONDE Energy Limited, is in the news again for the wrong reason.

According to The Capital, the Economic and Financial Crimes Commission, (EFCC), has sealed Azudialu’s large residence in the clean and opulent Modupe Alakija Crescent, formerly known as Ikoyi Crescent.

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The anti-graft agency’s red ink, embarrassingly proclaiming that the property was under investigation, is clearly decorated on the building, according to our source who visited the place. As of press time, it was unclear whether Azudialu and his family would be able to enter the house. What is sacred, however, is the fact that the house he calls home is currently under investigation by the EFCC.

High-profile residents of Ikoyi have been left stunned, as he was thought to be a decent businessman despite his wild lifestyle.

Thus, the reasons for the EFCC’s move are unclear, it is possible that he is being investigated for financial offences.

Azudialu had a rocky relationship with the Guaranty Trust Bank Plc (GTBank), which alone financed his Nestoil Towers on Victoria Island’s Akin Adesola and Saka Tinubu Streets. The charge at the time was that he failed to service the facility he used to construct the towers.

Ernest developed a taste for expensive luxury as income flowed into his accounts, and he became known for his fixation with planes and his predilection for purchasing private jets and high-end automobiles.

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In a quest to get company’s reaction to the incident, several calls to the management not picked.

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