The Economic and Financial Crimes Commission (EFCC) has secured the recovery of $60 million from Nestoil Limited as part of its ongoing investigation into alleged criminal aspects of transactions involving the company and a consortium of lenders.
The recovery followed a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede, where Nestoil Limited and the consortium of lenders agreed on a structured repayment plan to settle the company’s outstanding indebtedness.
The $60 million payment, which was made to the consortium during the course of the investigation, was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
The commission described the recovery as a significant milestone in its efforts to promote accountability, protect financial institutions and safeguard depositors’ funds.
The agreement provides a structured framework for the repayment of the outstanding debt, although the consortium of lenders stressed that the $60 million represents only the first phase of the recovery process.
According to the lenders, a substantial portion of the outstanding indebtedness remains unpaid, prompting them to reaffirm their commitment to working with the EFCC and other relevant stakeholders to ensure the recovery process is completed.
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The consortium also pledged to provide the commission with relevant documents required to support the investigation and ensure that the recovery process is conducted in accordance with the law.
The lenders said the process would remain focused on achieving a lawful, transparent and commercially responsible resolution of the outstanding obligations.
Meanwhile, the EFCC reaffirmed its determination to continue the investigation to its logical conclusion and pursue the full recovery of funds owed to the lenders.
The commission said the development underscores its commitment to protecting the interests of financial institutions and depositors while ensuring that financial transactions under investigation are subjected to appropriate legal scrutiny.
