How Nestoil’s Founder Bought a $3.9M Houston Mansion While Owing Banks $700M
Nestoil Limited founder Ernest Azudialu-Obiejesi acquired a $3.9 million Houston estate in October 2011, the same year his companies drew down $700 million in Nigerian bank financing, property and court filings show. His 10,894-sq-ft residence in the Royal Oaks Country Club features five bedrooms, an elevator, a pool and a four-car garage. Meanwhile, a consortium of 16 Nigerian banks and Afreximbank is pursuing over $1 billion in dollar-denominated claims plus N430 billion in naira loans against his firms. The Central Bank of Nigeria has blocked dividends at three major lenders until they fully provision losses tied to this exposure. Azudialu-Obiejesi maintains the debts are commercial obligations under dispute in court and denies any wrongdoing.
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