₦airaland Forum

dahmie2013:
God saved my boss. Thank God he left that place & returned to his former place. This company, I used to desire to work there when I used to work on the island. Such is life...

kingar:
Let’s compare 1b$ to my 97k Naira wey loan app wan kpai me with calls

amaridigital:
What do you expect from a company established by an okija man? Agbotikuyo will run to lagos tomorrow shouting that the banks are witch-hunting the okija boy guess why? Because he's ibo.

tonero230:
His in-law ekulo will pay

FreeStuffsNG:
Some oil companies like Aradel are sitting on huge piles of cash! Some business managers are horrible managers
In the first place, how on earth should the business have spent so much on such real estate when its competitors are reinvesting profits for expansion.

HORLADY:
Business World is very brutal.
Over reliance on boardroom logic and foreign verification that lacks touch with uniqueness if Nigeria Business Environment contributes a lot to these issues
Traditional Accountants, Business Managers and seasoned indigenous tax professionals is the answer.

I heard from grapevine source that Dangote once said there is no ethics in Business. Mindset like this is capable of destroying investor's confidence, erodes trust and crumble even the most formidable business empire.

Villagesquare:
Risk Management was sidelined when critical decisions was taken

Lawalemi:
I wanted to apply to this company but given that its one man business, I withdrew.

Indeed, its not all that glitter that is golds. A magnificent Headquarter building doesn't always make a friendly business organisation

InvertedHammer:
/
Last last the corporate headquarter will be auctioned off to Seyi.
Like play like play Capital Oil went into oblivion.
Taking long-term Business loans in Nigeria is crazy—high interest rates and
one bad government policy away from insolvency. Obijackson is still alive but
we know that rarely do Nigerian wealth enter second generation. It will be worse
for this new crop of “Instagram” billionaires that only borrow to market clout.

/

ednut1:
worked in the building for like a year. The plan was to rent it out while they used 3-4 floors. Unfortunately no one rented it/ could afford the rent as at then .

NaijaNaWaa:
My heart goes out to my brother, Obijackson at this difficult moment in his life and business.

This underscores my assertion that most of the people the media and the Otimkpus promote as a billionaires are too neck deep in debt. This applies to most of your favorite top richest men and women in Africa. If you see their liabilities, you would thank God for the little you have. There is one of them who has been hiding from creditors for over 20 years, yet the media keep singing his praises all the time. May God help them.

DrMB:
Did you hear the news? Nestoil's corporate headquarters have been sealed off in Lagos! A consortium of lenders has placed the company under receivership over a jaw-dropping $1 billion debt.
Let us know in the comments: What's your immediate reaction to this monumental $1 billion debt crisis? 👇

BREAKING: Banks place Nestoil under receivership over $1bn debt

Police have sealed off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos, after the company was placed under receivership by a consortium of lenders over a reported $1 billion debt.

A federal high court sitting in Lagos had on October 22, 2025 issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.

Justice D. I. Dipeolu issued the injunction against Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
#TheCableIndex

https://x.com/thecableindex/status/1983160390130303154/photo/1

Gerrard59:
So technically, this means many of the Grade A office tall buildings in VI and Ikoyi are largely unoccupied?

FarahAideed:
Hmmm how did that happen....I need to understand how first bank with a value of 850m dollars allowed someone to owe them 1.3 bn dollars ?
Same thing happened to Smile communications , it was forcefully siezed by a UK court and handed over to people smile owed

Gerrard59:
Most billionaires are in debt, including Dangote and Elon Musk. No billionaire is without debt. The goal is to service the debts consistently in the best-managed form. No business grows without leverage which is known as debt.

Nigerians don't know entrepreneurship walai!

SeaTrade:
Where Ekulo see $1B this man?

Firstcitizen:
The ceo is the most arrogant person I ever came across in my life. Even with the arrogance na debtor he be. The banks should make sure they seize his personal property too if they can.

NaijaNaWaa:
My heart goes out to my brother, Obijackson at this difficult moment in his life and business.

This underscores my assertion that most of the people the media and the Otimkpus promote as a billionaires are too neck deep in debt. This applies to most of your favorite top richest men and women in Africa. If you see their liabilities, you would thank God for the little you have. There is one of them who has been hiding from creditors for over 20 years, yet the media keep singing his praises all the time. May God help them.

BarrElChapo:
These guys who are entered the into the oil and gas sector to eat subsidy payments, without subsidy business shut down.

Gerrard59:
Most billionaires are in debt, including Dangote and Elon Musk. No billionaire is without debt. The goal is to service the debts consistently in the best-managed form. No business grows without leverage which is known as debt.

Nigerians don't know entrepreneurship walai!

emmaodet:
We fear debt like kilode and try to avoid it.
I guess because we are mostly bad managers and very poor in paying back debts to even family and friends we do owe

ednut1:
worked in the building for like a year. The plan was to rent it out while they used 3-4 floors. Unfortunately no one rented it/ could afford the rent as at then .

Gerrard59:
Most billionaires are in debt, including Dangote and Elon Musk. No billionaire is without debt. The goal is to service the debts consistently in the best-managed form. No business grows without leverage which is known as debt.

Nigerians don't know entrepreneurship walai!

JESHAL007:
It's crazy
The whole world is run on debt, from governments to institutions to corporations to individual consumption and it's glaring in advanced first world nations with credit cards and obvious student loans that is the norm, Africa still believe they can perform magic to the economy without stimulating it with credit/debt , even almighty china use loans, America are owing trillions of dollars as a nation, everybody is a debtor whether it's directly or indirectly by government borrowing to fund deficit spending on behalf of the sovereign nation

Walai:
African nations borrow to consume while the China you mentioned borrow to invest.

fabolouz1:
wealthy people are not wealthy as it seems.
A man can't be wealthy while in debt.