Business Hilights

Tracking Nigeria's Headline Business News Online


(Special Report) The rise and rise of Nestoil Group in energy sector, others

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In the last couple of years when several oil and gas firms are complaining of hardship and lull in the industry, the Anambra state born billionaire, businessman, and chairman of Nestoil, Dr. Ernest Obi Jackson, has been towering from strength to strength growing his conglomerate in the upstream oil and gas sector.

Ernest Obi Jackson, who was born in Onitsha and attended the DMGS, started as a small trader in Onitsha before relocating to Lagos and striking gold when he founded Nestoil.

Nestoil is an integrated oil and gas company that operates in the upstream sector.

The company, through its subsidiary Neconde, has an oil well in the OML 42 field, which they bought from Shell.

The company is also into designing, engineering, construction, and procurement for foreign oil companies operating in the Niger Delta.

They design and build pipelines as well. Nestoil is the main cash flow of the business and is widely successful too.

They work for clients like NNPC, Shell, and Chevron.

Neconde, which is the man’s second business, is still struggling and yet to break even because of the oil theft in the Niger Delta.

Chairman of Nestoil, Okija, Anambra-born Dr. Ernest Obi Jackson

Obi Jackson also owns the biggest office building in Lagos and the whole country named the Nestoil Tower.

The |tower remains a world class signature superstructure dotting the every changing skyline of Victoria Island, Lagos. In fact, the edifice remains an imposing structure that speaks to his impeccable taste for class

Obi Jackson is one of the few role models many upcoming Nigerian and mainly south easterners look up to because his story reminds everyone that it is possible to start small like he did.

It would be recalls that only three decades ago, he was in Onitsha only to rise and rise to become a silent oil mogul and a successful businessman after all.

He was in the United States of America with his team last year to sign a contract for the acquisition of a Gulfstream G-700 jet from the manufacturer in Georgia, United States. The aircraft, worth 76 billion naira, was to grow ease of doing business by the indigenous oil and gas servicing group.

Obijackson, aka; Azudialu-Obiejesi’s decision to procure the G-700 aircraft underscores his commitment to building a world-class energy conglomerate which has already come to stay.

There are strong indications that the private jet will be delivered any moment from now, and Okija-born Obijackson and Nestoil will join an exclusive group of global elites as one of the first buyers of the new luxury Gulfstream G-700 jet.

Business Hilights gathered, however that this is not the first private jet that Obi Jackson is buying. Otherwise, he owns a couple of private jets that are parked at Nestoil’s hanger at the international airport in Lagos, and just last year, Nestoil spent 31 billion naira on parts, maintenance, and management for its existing jets.

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