Connect with us


Protesters Accuse Neconde, MD Of Using OML 42 To Borrow $640 Million



Angry protesters against impoverishment and marginalisation of Niger Delta communities have accused the CEO/MD of Neconde Nigeria Limited, Ernest Azudialu-Obiejesi of using the OML 42 facility to access a loan of $640 million, thereby mortgaging the future of the residents and oil-producing communities of Niger Delta.

The concerned residents who described the move as dubious and fraudulent said after the renewal of the Oil Mining License of the Company, Ernest Azudialu-Obiejesi (Neconde) quickly used the asset to secure a loan facility worth $640 million.

It was gathered that both International and local lenders referenced Neconde in the loan facility. The banks allegedly involved were Access Bank, Fidelity Bank, Zenith Bank as well as First Bank (UK) Limited, the Africa Import Export Bank (Afrexim), Africa Finance Corporation (AFC) and Glencore Energy (UK) Limited as the lenders to Neconde.

The protesters said Neconde MD, Ernest promised to invest in the asset to increase oil production, but quickly ran to buy a private set after obtaining the loan.

The investigation further showed that in a bid to escape the debts, Neconde immediately established another company, called Amaranta to divert the attention of the lenders and that currently, Amaranta had become a liability also feeding from the same OML 42 oil asset.

The aggrieved protesters said that Nestoil, Amaranta and Neconde, all are the same company, adding that the multiplicity and duplications are self-serving to steal and syphon the region’s resources without a human face.

The statement reads, “No wonder, the infamy of their dubiousness has produced unending protests, agitations and distrust leading to regular shutting down of their operations. Some time ago, local contractors and staff working for OML 42 staged a protest in demand for their backlog of four years of salaries and emoluments. During that protest, Nestoil and Neconde oil firms were accused of owing them salary arrears and emoluments.

“From all indications, it now looks as if Ernest could get away with all these sharp practices due to the noticeable lack of integrity of some community leaders notorious for double-dealing and predilection for self-aggrandizement.

“Ernest Azudialu-Obiejesi is the owner of Amarata, Nestoil, Impac Oil and Gas, Jonecreek hydrocarbon, B&Q Dredging, and White Dove Shipping Company, among others. All his companies are afloat with Niger Delta oil money hence, he owes his host communities the duty of care. Likewise, he should pay the contractors, initiate skill Acquisition Programmes for the community youths and support infrastructural development such as the provision of school buildings, scholarships, electricity and drinkable water for the host communities.

“These are humble ways to reciprocate the good gestures of the amiable host communities as against the condemnable action of impoverishing them,” they lamented.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *