Nigeria’s Economic and Financial Crimes Commission (EFCC) has recovered $60 million from indigenous oil and gas company Nestoil Limited, marking a breakthrough in efforts to resolve a long-running debt dispute between the firm and a consortium of banks.
Sources familiar with the matter said the payment followed a meeting facilitated by EFCC chairman Olanipekun Olukoyede, at which Nestoil and the lenders agreed to a structured repayment plan. The recovery was facilitated by operatives of the EFCC’s Lagos Zonal Directorate 2, led by 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 consortium of lenders welcomed the development but stressed that it represents only the first phase of the repayment process, as a substantial portion of Nestoil’s debt remains outstanding.
The lenders reiterated their commitment to working with the EFCC and other stakeholders to ensure the recovery process continues until the debt is fully settled, and pledged to provide documents needed for the investigation.
The debt saga has drawn scrutiny for months. The underlying dispute stems from a high-stakes debt recovery case involving more than $1 billion and ₦430 billion allegedly owed by Nestoil, Neconde Energy, and their principal promoters, prompting lenders to appoint a receiver/manager over the companies’ assets.
