NewStats: 3,259,518 , 8,170,401 topics. Date: Sunday, 25 May 2025 at 12:28 PM 6i2q1a

Ernest Azudialu-Obiejesi, the chairperson and CEO of Nestoil Group, a Nigerian oil conglomerate, is set to complete the purchase of a $76 million Gulfstream G-700 jet from the manufacturer in Georgia, United States, TIMES can authoritatively report today.

In addition, Mr Azudialu-Obiejesi and his oil firm are now strategising to expand their dealings with American businesses in Georgia, Texas, Louisiana, California, and other states in the US, documents show.

Incorporated in 1991, Nestoil has grown to be one of Nigeria’s foremost indigenous engineering, procurement, construction, and commissioning (EPCC) companies in the oil and gas sector.

Mr Azudialu-Obiejesi, 63, the founder and managing director of the company, has now set his eyes beyond the shores of Nigeria, looking to build a world-class energy conglomerate, those close to his business said.

Aside from expanding Nestoil’s operation in America, TIMES understands that the billionaire businessman’s other priorities include the purchase of a new Gulfstream G-700 aeroplane that sells for $76 million.

At the current official market rate of N780 per US dollars, the amount is equivalent to N59.3 billion.

The G-700 aircraft is an all-new jet that is currently in flight test and is anticipated to enter into service this year, according to Guardian Jet, an organisation providing aircraft owners and operators with market intelligence advice.

The aircraft, its manufacturers say, is an ultra-long-range bespoke private jet with two engines. It will offer the largest cabin in business aviation, carrying up to 19 engers and having up to five living areas.

“The Gulfstream G700 unites a revolutionary cabin with all-new Roy Royce engines and the award-winning Symmetry Flight Deck,” the manufacturers said in a product brochure.

Gulfstream said the all-new aircraft will deliver better performance and greater cabin comfort. During certification flying, the aircraft demonstrated increases in range and speed as well as improvements in cabin altitude, Mark Burns, Gulfstream Aerospace Corporation President, said recently.

“We are undertaking one of the most extensive flight test programmes as the G700 is the first business aircraft to undergo Federal Aviation istration certification following the age of the 2020 Aircraft Certification, Safety, and ability Act.

“As a result, we will be delivering an extremely mature, rigorously tested aircraft that will outperform expectations in speed, range and cabin comfort. Our certification efforts continue to advance, and we look forward to delivering the G700 to customers around the world.”

If the purchase is completed, Mr Azudialu-Obiejesi and his Nestoil will be among the first set of buyers in the world to acquire the luxury jet.

Currently, Nestoil relies heavily on an older Gulfstream jet for which, in addition to its purchase price, the company has spent $31 million (N41 billion) on parts, maintenance, and management, company documents show.

The company also has a Bombardier jet, which is manufactured in Canada and was financed with a $25 million (N33.6 billion) loan from a leading Swiss bank.

However, Mr Azudialu-Obiejesi, the Nestoil CEO, said in a document seen by TIMES that he prefers U.S. jets, adding that he plans to continue purchasing and relying on them for the foreseeable future.

In November 2022, Nestoil’s aviation subsidiary signed a letter of intent for the purchase of the G-700 aircraft.

This newspaper can now report that the deal is at an advanced stage, with Gulfstream and Mr Azudialu-Obiejesi’s Nestoil arranging schedules for the completion of the jet.

Mr Azudialu-Obiejesi is also planning a trip to Georgia soon to complete the transaction.

Nestoil Jet Accident
On 25 January 2018, Nestoil’s Gulfstream G-200 jet got involved in an accident at the Nnamdi Azikiwe International Airport, Abuja.

The aircraft, with registration marking 5N-BTF, took off from the Murtala Muhammed International Airport, Lagos, on that day, operating a chartered flight service with four engers and three crew onboard.

Although no casualty was recorded, a report from the Accidents Investigation Bureau (AIB) said the aircraft was substantially damaged.

Nestoil says once the G-700 arrives at its headquarters, it will become the star of the Nigerian conglomerate’s fleet of fixed-wing aeroplanes, helicopters, and dozens of shipping vessels.

Ernest Azudialu-Obiejesi and his Nestoil
Mr Azudialu-Obiejesi is known as an astute businessman with a bachelor’s degree in ancy from the University of Benin and an honorary doctorate in Business istration from the University of Nigeria. He established Nestoil in 1991 as an offshoot of the Obijackson Group of Companies.

Nestoil entities within the oil and gas sector engage in oil drilling, oil and gas exploration and production, dredging, aviation, civil construction, ship drydocking, pressure vessel manufacturing, major steel fabrication, and marine shipping.

The company’s biggest project to date was its construction for the Royal Dutch Shell company of half of the $1.1 billion 60-mile Nembe Trunk Line in the Niger Delta.

In its 32 years of operations, the company has expanded to become a leading indigenous oil and gas company handling multi-million dollar contracts, with its clientele including the Nigerian government and international oil companies.

The company has further expanded its services through the establishment of s to handle specific industry needs – B & Q Dredging Ltd [dredging and marine operations]; Gobowen E& P Ltd [upstream oil and gas activities]; Hammakkop Consortium Ltd [for civil engineering construction works]; Energy Works Technology Ltd [Offshore Fabrication and pressure vessel manufacturing]; Time Power Global Dynamics Ltd [power distribution]; and Century Power Generation Ltd [electricity generation].

https://www.timesng.com/news/top-news/626173-exclusive-nigerian-businessman-orders-n60-billion-luxury-jet.html

Ok
But their communities are a big mess with kidnappers, hoodlums and unknown gunmen terrorizing and over running their villages.

These Igbo billionaires are not wise aswear.

Buying 60 Billion Naira jet when you cannot spend a few million to secure your own backyard.

Big man

Work hard, harder
Study hard, harder
Sleep less

He should go and settle his plenty debts first. So called Naija big men will be owing left and right, and will be using bold face and facade to evade settlement.

Hmm

Daalu

What has this got to do with Nigerians.
*I'm wishing him the best in his entrepreneurship journey*

Igbo Amaka

Yoruba Amaka

Hausa Amaka

Binis Amaka

Ijaw Amaka

Nigeria Amaka

Biggest boss

Good one

Board must be really happy with him to approve this.

Congratulations! Mine is on the way too.

Jesus Christ of Nazareth


I shall never be poor please Jesus

Red neck tie

When money talks men

Ok

Igbo Amaka❤️❤️

Ok

He now s the league of Tinubus, Indimis, Oyedepo, Kalu, Adeleke and other Super Luxury Gulfstream jet owners

Regular Richmen fly Cessna jets

Medium Richmen fly Leah Jet and Falcon jets

Oga kpatakpata rich men fly Gulfstream

Only the Billionaires and President fly Boeing Business Executive Jet and Bombardier



.

Obi Jackson from okija... Too much money.

Dude made a hell of money during Jonathan's time, he was very close to Patient Jonathan.

He has one of the most expensive office building on the island, spent N35b on it in Victoria Island.

Everybody with dere priority....

Olori shebi you see wetin your oga wan buy.

Make he sha make sure he pay us palliatives to cushion the effects of subsidy removal..

Money dey for some people hand.

Africa man mentality.extravagant spending

Igbos got money
Biafra in money
Money already made

The money is concentrated. The is the bad side of capitalism.
The capitalists always spend the money they don't need while the masses are on the neck of government to hand them palliatives to be able to feed.
The government can only do their best. They can't take away poverty. The money reaches the hand of the capitalists before it gets to common people. The best anyone can do for himself is to keep striving to be among the capitalists class.
It is always becoming harder.

Igbo men doing doings afonjas will be entering trailers for sallah

That's close to a whole states budget. Hardwork pays. Smart work pays better!