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The EFCC has recovered and transferred $60 million from Nestoil Limited to a consortium of creditor banks as part of an ongoing investigation into the company’s transactions with its lenders.
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The payment follows a structured repayment plan agreed between Nestoil and the lending consortium at a meeting chaired by EFCC Chairman Olanipekun Olukoyede.
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The banks said the $60 million represents only the first phase of the recovery, with a substantial portion of Nestoil’s outstanding debt still to be settled.
EFCC recovers $60m for creditor banks
The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited and transferred the funds to a consortium of creditor banks as part of an ongoing investigation into transactions involving the oil company and its lenders.
The recovery followed a structured repayment plan agreed between Nestoil and the consortium at a meeting chaired by EFCC Chairman Olanipekun Olukoyede.
The EFCC said the payment was facilitated by operatives from its Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
The Commission described the recovery as a significant step in its efforts to protect the interests of financial institutions and safeguard depositors’ funds.
The investigation is focused on the alleged criminal aspects of transactions involving Nestoil and the consortium of lenders.
However, the recovery does not represent a full settlement of the company’s obligations.
Banks say substantial debt remains
The consortium of lenders welcomed the $60 million payment but stressed that it represents only the first phase of the repayment process.
According to the banks, a substantial portion of the outstanding indebtedness remains to be settled.
The lenders said they would continue working with the EFCC and other relevant stakeholders to ensure that the recovery process proceeds until the outstanding debt is fully liquidated.
They also pledged to provide documents and other relevant information required by the EFCC as its investigation continues.
The lenders said the recovery process would be pursued in accordance with the law while maintaining transparency and commercial responsibility.
The development therefore marks an initial recovery rather than the conclusion of the dispute between Nestoil and its lenders.
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EFCC vows to complete investigation
The EFCC said it would continue its investigation into the transactions and pursue the matter to its logical conclusion.
The Commission also reiterated its commitment to recovering the outstanding funds in accordance with the law.
For the creditor banks, the immediate significance of the $60 million recovery is the return of part of the funds owed to them. At the same time, the remaining debt continues to form the focus of the repayment arrangement.
The development also highlights the ability of the agreed repayment plan to generate further recoveries and ultimately settle Nestoil’s outstanding obligations.
The EFCC’s involvement means the matter has both a debt-recovery and criminal-investigation dimension, with the Commission continuing to examine the transactions that led to the outstanding obligations.
For now, the $60 million represents the first major recovery announced from the arrangement, while the lenders await further payments to close the remaining gap.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
