The Economic and Financial Crimes Commission (EFCC) has recovered $60 million as part of an ongoing investigation into alleged financial irregularities involving Nestoil Limited and a consortium of lending institutions.
The recovery followed a structured repayment arrangement reached during a meeting convened by the Chairman of the EFCC, Mr. Olanipekun Olukoyede, aimed at addressing outstanding indebtedness linked to the company.
According to the anti-graft agency, the agreement between Nestoil Limited and the consortium of lenders has already produced significant results, with the company making an initial payment of $60 million towards the settlement of its obligations.
The payment was facilitated through the efforts of investigators from the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Mr. Oguzi Moses.
The EFCC described the recovery as a major milestone in its efforts to protect the integrity of Nigeria’s financial system, safeguard depositors’ funds and ensure accountability in corporate financial transactions.
While welcoming the payment, the consortium of lenders noted that the amount recovered represents only the first phase of the repayment process, adding that a substantial portion of the debt remains outstanding.
The lenders reaffirmed their commitment to cooperating with the EFCC to ensure the full recovery of all outstanding obligations and pledged to provide all relevant documents required for the investigation.
They also stressed the importance of maintaining transparency, legality and commercial responsibility throughout the recovery process.
The EFCC, on its part, reiterated its determination to pursue the matter to its logical conclusion and recover all funds owed to the lending institutions.
The Commission stated that investigations into the transactions remain ongoing and assured stakeholders that every lawful step would be taken to protect public and private financial interests.
The development highlights the agency’s increasing focus on complex financial investigations and debt recovery matters involving major corporate entities and financial institutions.
