Amid the corporate hurdles and shifting business landscape, Dr. Ernest Azudialu-Obiejesi’s determination and consistency in enterprise have remained unmistakable. Widely known as the CEO and founder of Nestoil, one of Nigeria’s foremost indigenous oil companies currently caught in a swirl of controversy, few realize that the multimillionaire businessman also oversees a diverse portfolio of thriving ventures across other sectors.
10 businesses owned by Nigerian multimillionaire and Nestoil owner, Ernest Azudialu-Obiejesi
- Eastern Nigeria, particularly among the Igbo community, has produced influential yet low-profile entrepreneurs shaping national and continental business landscapes.
- Dr. Ernest Azudialu-Obiejesi serves as the Chairman and CEO of Nestoil Limited, contributing significantly to the oil, gas, and infrastructure sectors in Sub-Saharan Africa.
- He founded Nestoil Limited in 1991, now a leading Engineering, Procurement, Construction, and Commissioning (EPCC) firm employing over 3,000 individuals.
- Azudialu-Obiejesi oversees several significant businesses, including Century Power Generation, Energy Works Technology, and Smile Communications, driving industrial and technological development.
Dr Ernest Azudialu-Obiejesi is among the few 21st-century African industrialists who built an independent oil company without the benefit of a wealthy family or political connections.
As Chairman and CEO of Nestoil Limited and a network of other enterprises, he has grown one of Sub-Saharan Africa’s most dynamic and rapidly expanding industrial conglomerates.
His entrepreneurial journey began in 1983 with the founding of Obijackson West Africa Limited, a trading company importing household goods, consumables, engineering tools, cosmetics, and beauty products from overseas.
Over time, he expanded into manufacturing, haulage, and real estate development, laying the foundation for a diversified industrial footprint.
In 1991, he founded Nestoil Limited, a Nigerian Engineering, Procurement, Construction, and Commissioning (EPCC) firm.
Today, Nestoil employs over 3,000 people and handles projects spanning pipeline construction, pressure vessel manufacturing, civil construction, dredging, steel fabrication, horizontal directional drilling, exploration and production, aviation, and dry-docking services, extending its influence across Africa.
He founded Nestoil Limited in 1991, now a leading Engineering, Procurement, Construction, and Commissioning (EPCC) firm employing over 3,000 individuals.
Here are 10 of the most important businesses he owns:
1. Century Power Generation
Century Power Generation plans a 1,500MW gas-fired power plant in Okija, Anambra State, beginning with a 495MW first phase. Once operational, it will provide reliable electricity to homes, businesses, and institutions, meeting international standards. The project remains poised for future progress as the company works toward securing the necessary agreements.
2. Energy Works Technology (EWT)
Founded in 1999, EWT is a leading industrial service provider in Nigeria and West Africa, specializing in pressure vessels, process plant equipment, and steel structures for both oil & gas and non-oil sectors.
From its origins as a light-duty fabricator, EWT has grown into a major Process Equipment Manufacturer, steel fabricator, and Oil & Gas EPCI service provider. The company, with reported revenue of $37.5 million and 49 employees, is widely recognized for its innovation and transformative impact on the region’s industrial landscape.
3. Hammakopp Consortium
Incorporated in 1999, Hammakopp specializes in civil construction, maintenance, and fabrication, environmental and sewage treatment, heavy structural fabrication, and project management.
Its state-of-the-art asphalt plant in Okija produces approximately 120 tons of top-grade asphalt per hour. Its Port Harcourt facility features a marine/load-out jetty, fabrication yard, workshops, storage areas, and above-ground storage tanks, all secured to ensure personnel and equipment safety.
4. Interwamaco Limited
Established in 2011, Interwamaco is a leading waste management company, providing collection, transportation, landfill disposal, and temporary storage services for domestic, commercial, and industrial waste, promoting environmental sustainability and regional cleanliness.
5. B&Q Dredging
Through B&Q Dredging, Azudialu-Obiejesi acquired the dredging assets of Julius Berger Nigeria Plc, positioning it as Nigeria’s foremost indigenous dredging firm.
Its clients include Chevron, Mobil, Julius Berger, Master Energy, Saoiem, and Agip. The company delivers marine, civil construction, and logistics services while maintaining quality, safety, and environmental responsibility.
6. Neconde Exploration and Production Limited
Neconde, incorporated in 2010, is a leading independent oil and gas company with stakes in the Niger Delta.
In 2011, Neconde successfully bid USD 585 million to acquire a 45% stake in OML 42 from Shell, Total, and Agip, with NPDC holding 55%. Neconde became operator in 2015 and develops under-utilized reserves while harnessing associated gas to supply electricity, driving regional economic and social benefits.
7. Nesto Aviation Services Limited
NestAv, incorporated in 2013, is the aviation arm of the Obijackson Group. It provides fixed- and rotary-wing flight services across Nigeria and Africa for VIPs, corporate clients, and non-scheduled charters, and supports offshore oil and gas logistics, reinforcing its strategic role in the continent’s energy sector.
8. Nestoil Upstream
Founded in 1999, Nestoil Upstream redefined pipeline construction, maintenance, and repair standards. With over 2,000 specialists, the company undertakes dredging, river crossings, and shoreline protection. Despite legal and financial challenges, the company maintains uninterrupted operations, highlighting its resilience in Africa’s complex energy landscape.
9. Shipside Drydock Limited
Shipside Drydock provides dry-docking, repair, maintenance, and upgrading services for ships and floating equipment. Built by Dutch Damen Shipyard and managed by skilled expatriates and Nigerian experts, it employs 51–200 staff and is a key partner in West Africa’s maritime and offshore industry.
10. Smile Communications Nigeria Limited
Smile Communications Nigeria, part of Mauritius-based Smile Telecoms Holdings, delivers 4G LTE mobile broadband across Nigeria, Tanzania, and Uganda. Nigeria accounts for 80% of operations, with plans to expand across Sub-Saharan Africa. Shareholders include Al Nahla Group, Renven Investment Holdings, Obijackson Group, Verene, Telecom Investments, Capitalworks, the PIC, and Smile employees.
Low-profile African business magnate
Beyond business, Azudialu-Obiejesi leads the Obijackson Foundation, supporting education, empowerment, healthcare access, and infrastructure development.
From trading across West Africa to building one of Nigeria’s most diversified conglomerates, Ernest Azudialu-Obiejesi continues to transform industries while leaving a lasting legacy in energy, infrastructure, and philanthropy.
