Nigerian oil tycoon Ernest Azudialu-Obiejesi's Nestoil repays $100 million of $1 billion debt owed to banks linked to billionaires Otedola and Elumelu
Nigerian oil tycoon Ernest Azudialu-Obiejesi's Nestoil has repaid $100 million to a consortium of eight financial institutions, including banks linked to billionaires Femi Otedola and Tony Elumelu, following intervention by the country's anti-corruption agency.
By Olamilekan OkebiorunSouth Africa
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From left: Nigerian billionaires Femi Otedola and Tony Elumelu, alongside Nestoil founder Ernest Azudialu-Obiejesi, whose company has repaid $100 million amid a debt dispute involving major Nigerian banks. Image credit/reference: Photo collage: Business Insider Africa
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About this article
- Length
- 35 words · 1 min read
- Published
- October 30, 2026
- Byline
- Olamilekan Okebiorun
- Source
- Business Insider