The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of an ongoing investigation into alleged criminal aspects of financial transactions involving the oil and gas company and a consortium of its lenders.
The anti-graft agency disclosed that the recovery followed a meeting convened and chaired by EFCC Chairman, Ola Olukoyede, during which a structured repayment framework was agreed upon by Nestoil and the lending institutions to facilitate the settlement of outstanding indebtedness.
According to the commission, the agreement has already yielded results, with Nestoil making a $60 million payment to the consortium during the course of the investigation.
The recovery was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, under the supervision of the Head of Investigation, Oguzi Moses.
The commission described the development as a major breakthrough in its efforts to promote financial accountability, safeguard the banking sector and protect depositors’ funds.
While acknowledging receipt of the payment, the consortium of lenders noted that the recovered amount represents only the first phase of the repayment process, stressing that a significant portion of the outstanding debt remains unpaid.
The lenders pledged continued collaboration with the EFCC and other relevant stakeholders to ensure the full recovery of the outstanding indebtedness.
They also undertook to provide all necessary documents and information required for the investigation and prosecution of any offences that may be established during the course of the probe.
According to the consortium, the recovery process will be pursued in a manner that is lawful, transparent and commercially responsible.
The EFCC, meanwhile, reaffirmed its commitment to pursuing the investigation to its logical conclusion and ensuring the recovery of all outstanding funds in line with the provisions of the law.
The commission said the ongoing probe forms part of broader efforts to strengthen financial discipline and accountability within Nigeria’s corporate and banking sectors.
