The Economic and Financial Crimes Commission has recorded a major win in its investigation into Nestoil Limited, with $60 million recovered and paid to a consortium of lenders.
EFCC Chairman, Mr. Olanipekun Olukoyede, led a meeting that produced a structured repayment agreement between Nestoil and the lenders. The deal is part of efforts to resolve alleged criminal aspects linked to the company’s transactions and outstanding indebtedness.
According to the Commission, the $60 million payment has already been made to the consortium during the investigation. The transaction was coordinated by operatives from the EFCC Lagos Zonal Directorate 2, under the Head of Investigation, Mr. Oguzi Moses.
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The EFCC described the recovery as a key step in its mandate to enforce accountability, protect financial institutions, and safeguard depositors’ funds.
The lenders welcomed the payment but said it is only the first phase. A significant balance is still outstanding, and they pledged to continue working with the EFCC and other stakeholders until the full debt is cleared.
They also promised to provide all documents needed to support the investigation and prosecution, and stressed that the recovery process must remain lawful, transparent, and commercially sound.
The Commission reaffirmed its commitment to see the case through to the end. It said the investigation will continue until all depositors’ funds tied to the matter are fully recovered in line with the law.
The development signals increased pressure on corporate borrowers with unresolved loan obligations, as the EFCC intensifies asset-tracing and recovery efforts across the financial sector.
