The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of an ongoing investigation into the alleged criminal aspects of transactions involving the indigenous oil company and a consortium of its lenders.
The recovery followed a meeting convened and chaired by EFCC Chairman Olanipekun Olukoyede, where Nestoil and the consortium agreed to a structured repayment plan aimed at settling the company’s outstanding indebtedness.
The $60 million payment, facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses, was paid to the consortium during the course of the investigation.
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The EFCC described the recovery as a significant development in its efforts to protect financial institutions and safeguard depositors’ funds.
However, the lenders stressed that the $60 million represents only the first phase of the recovery process, with a substantial portion of the outstanding debt still unpaid.
They pledged to continue working with the EFCC and other stakeholders until the indebtedness is fully liquidated.
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The lenders also agreed to provide relevant documents to support the EFCC’s continuing investigation, while emphasising that the recovery process must remain lawful, transparent and commercially responsible.
Broader Debt Dispute
The development follows a wider dispute involving Nestoil, its affiliates and a consortium of lenders. The lenders involved include FBNQuest Limited, First Bank of Nigeria, Access Bank and Zenith Bank. Reports indicate that the broader claims involve debts exceeding $1 billion and ₦430 billion.
The Federal High Court in Abuja had earlier cleared the way for the EFCC to continue investigating companies affiliated with the Nestoil Group after setting aside orders that had restricted the commission’s investigative activities.
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The latest $60 million recovery therefore does not conclude the EFCC investigation or the wider debt dispute. The commission says it will pursue the investigation to its logical conclusion and work toward recovery of the outstanding funds in accordance with the law.
