EFCC Recovers $60m For Nestoil Lenders Amid Debt Investigation

The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nigerian oil and gas company, Nestoil Limited.

The development is part of efforts to resolve the company’s long-running debt dispute with a group of lenders.

Sources familiar with the matter said the EFCC, under Chairman Olanipekun Olukoyode, brought Nestoil and the affected lenders together to discuss a possible repayment arrangement.

According to Premium Times, the discussion resulted in an agreement on a structured plan for settling the outstanding debt.

It was gathered that $60 million has been recovered from Nestoil and transferred to the lenders during the EFCC’s investigation and subsequent meetings with the parties involved.

Oguzi Moses, the head of investigations at the EFCC’s Lagos Zonal Directorate 2, was said to have played a key role in facilitating the payments made to the lenders.

The banks involved in the consortium welcomed the recovery, describing it as a positive development.

However, they noted that the payment represents only the beginning of the repayment process because a significant amount of the debt is still outstanding.

A senior EFCC official, who spoke on condition of anonymity because he was not authorised to publicly discuss the case, confirmed that the agency had intervened.

According to the official, the EFCC became involved because of the wider economic impact of the dispute and the need to protect the interests of the lenders.

Efforts to obtain comments from EFCC spokesperson Dele Oyewale were unsuccessful, as he did not respond to calls or messages seeking clarification.

Nnenna Azudialu-Obiejesi, an executive director at Nestoil, also did not respond to requests for comment.

The latest recovery is expected to support ongoing efforts to settle the remaining debt and bring the dispute between Nestoil and its lenders closer to a resolution.

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