Neconde/Nestoil Respond to ‘Malicious, Despicable’ Report on Alleged $60 Million EFCC Recovery
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- Neconde and Nestoil deny a news report claiming the EFCC recovered $60 million in an investigation into Nestoil.
- They state the meeting with the EFCC was a conciliation effort for amicable resolution, not a probe, and was attended by all parties.
- The companies assert that recent Supreme Court decisions have overturned previous court orders against them, resolving commercial disputes with a lender.
Neconde Energy Ltd. and Nestoil Ltd. have issued a strong rebuttal to a recent front-page news item alleging that the Economic and Financial Crimes Commission (EFCC) recovered $60 million in an ongoing investigation into Nestoil. The companies described the report as a "malicious, despicable, and grievously false and deceitful" narrative, which they believe was "sponsored" by a specific lender.
EFCC RECOVERS $60 MILLION DOLLARS IN ONGOING NESTOIL INVESTIGATION
In their statement, Neconde and Nestoil clarified that a meeting convened by the EFCC Chairman on July 8, 2026, was purely conciliatory. This meeting aimed for an amicable resolution of commercial issues and was conducted in a "convivial atmosphere with all parties present." The companies contend that the "sponsored" news item attempts to exploit this commendable initiative by presenting a "jaundiced narrative of a private resolution meeting."
sponsored malicious and despicable false narrative
The companies highlighted significant legal victories, citing Supreme Court of Nigeria decisions in Appeal Nos. SC/CV/48/2026 and SC/CV/1130/2025. These rulings, delivered on April 10, 2026, and June 1, 2026, respectively, reportedly set aside and condemned actions and "strangulating orders" obtained by lenders. The Supreme Court even decried some lender actions as a "scandalous and despicable engagement in gross abuse of judicial process."
a scandalous and despicable engagement in gross abuse of judicial process
These judicial pronouncements, according to Neconde and Nestoil, removed "all judicial impediments and asphyxiations" previously imposed by lenders. This led to the reopening of the Nestoil Towers in Victoria Island, Lagos, which had been allegedly sealed illegally. Furthermore, the Supreme Court decisions also invalidated orders in favor of a receiver purportedly appointed by the lenders, with the Federal High Court having previously suspended the receiver's powers in December 2025.
The meeting was purely conciliatory and towards an amicable resolution.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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