EFCC Recovers $60 Million from Nestoil in Ongoing Investigation

Nigeria's Economic and Financial Crimes Commission (EFCC) has announced a significant breakthrough in its investigation into Nestoil Limited. EFCC Chairman Olanipekun Olukoyede led efforts that resulted in the recovery of US$60 million from the oil and gas company. This sum has been paid to a consortium of Nestoil's lenders.

The recovery is part of a structured repayment plan agreed upon as the investigation probes alleged criminal aspects of transactions between Nestoil and its lenders. The EFCC highlighted the payment as a milestone in its commitment to accountability and protecting financial institutions' interests.

While the lenders welcomed the US$60 million payment, they noted it represents only the first phase of settling the substantial outstanding debt. They reaffirmed their commitment to collaborating with the EFCC to ensure the complete liquidation of the indebtedness. The lenders also pledged to provide necessary documents for the investigation's diligent prosecution, emphasizing the need for a lawful and transparent recovery process.

The EFCC reiterated its determination to pursue the investigation to its conclusion, aiming for the full recovery of depositors' funds in line with the law. The Lagos Zonal Directorate 2, led by Head of Investigation Mr. Oguzi Moses, facilitated the payment by Nestoil.