The Economic and Financial Crimes Commission has recovered and returned N140m to B4 Sail Limited, an investment and money-lending company in Lagos, following an investigation into an alleged loan fraud and diversion of funds.
The EFCC, through its Lagos Zonal Directorate 2, handed over the recovered funds in bank drafts to the company on Thursday, September 17, 2026.
The handover was conducted by the Acting Zonal Director of the directorate, Assistant Commander of the EFCC, Bawa Usman Kaltungo.
The recovery followed investigations into allegations of obtaining money by false pretence and diversion of funds involving Jacob Oyebola Esan and companies linked to him.
According to the EFCC, B4 Sail petitioned the commission on April 20, 2026, alleging that Esan, on behalf of his company, Geo Fields Plc, approached it in August 2025 for a N500m loan to expand his business.
The loan, the commission said, attracted a monthly interest rate of 15 per cent and had a one-month repayment period.
The EFCC said its investigation further established that Esan had previously obtained other loan facilities from B4 Sail, bringing his total exposure to N1.065bn.
As security for the facilities, Esan allegedly pledged shares held by him through Calyx Securities Limited, the clearing house for the stocks.
The shares were reportedly subject to a lien in favour of B4 Sail, giving the company the first right of payment from their eventual sale.
The EFCC said the lien was communicated to B4 Sail through a letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities and the second suspect in the case.
However, investigators allegedly discovered that the pledged shares were sold without B4 Sail’s knowledge.
The development allegedly resulted in Esan’s failure to repay the loan facilities, with the outstanding principal and accrued interest subsequently rising to N2.2505bn.
Speaking at the handover ceremony, Kaltungo said the recovery demonstrated the commission’s commitment to returning recovered funds and assets to their legitimate owners.
The Acting Zonal Director said the handover represented “a further step in the Commission’s efforts to ensure that funds and assets recovered in the course of its investigations are appropriately returned to legitimate owners and victims in accordance with due process.”
The EFCC said the investigation into the allegations is ongoing.
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