EFCC recovers $60m from Nestoil Limited for creditor banks

The Economic and Financial Crimes Commission (EFCC) has recovered US$60 million from Nestoil Limited as part of an ongoing investigation into the alleged criminal aspects of transactions involving the oil company and a consortium of its lenders.

Following a meeting chaired by EFCC Chairman Olanipekun Olukoyede, Nestoil and the lenders agreed to a structured repayment plan to settle outstanding debts. The initial US$60 million payment was facilitated by operatives from the EFCC Lagos Zonal Directorate 2, led by Head of Investigation Oguzi Moses.

The consortium of lenders stated that this payment represents only the first phase of the repayment process, noting that a substantial portion of the debt remains outstanding. The lenders have pledged to continue cooperating with the EFCC and providing necessary documentation to ensure the investigation and any subsequent prosecutions are completed. The EFCC has reaffirmed its commitment to pursuing the investigation to its conclusion to ensure the full recovery of funds.