EFCC recovers $60m from Nestoil, pays creditor banks

The Economic and Financial Crimes Commission has recovered $60 million from Nestoil Limited and transferred the funds to a consortium of creditor banks as part of an ongoing investigation into the company’s transactions with its lenders.

The recovery followed a repayment arrangement reached between Nestoil and the consortium during a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede.

The commission said the agreement was designed to facilitate the recovery of Nestoil’s outstanding indebtedness to the lenders.

The $60 million payment, which represents the first phase of the repayment process, was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.

The commission described the recovery as a significant step towards protecting financial institutions and safeguarding depositors’ funds.

The consortium of lenders acknowledged the payment but noted that a substantial portion of the outstanding debt remains unpaid.

The lenders pledged to continue working with the EFCC and other relevant stakeholders to ensure that the recovery process proceeds until the outstanding indebtedness is fully settled.

They also committed to providing documents and other relevant information required by the commission for its investigation, while ensuring that the process remains lawful and transparent.

The EFCC said it would continue its investigation into the matter and pursue the recovery of the outstanding funds in accordance with the law.