The Economic and Financial Crimes Commission (EFCC) has recovered US$60 million from Nestoil Limited as part of an ongoing investigation into the alleged criminal aspects of transactions involving the oil company and a consortium of its lenders.
The recovery followed a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede, where Nestoil and the consortium agreed to a structured repayment plan to settle outstanding indebtedness.
According to the EFCC, the agreement has already produced significant results, with US$60 million paid by Nestoil to the consortium of lenders during the course of the investigation.
The payment 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 milestone in its efforts to promote accountability, protect financial institutions and safeguard depositors’ funds.
The consortium of lenders, while welcoming the payment, said it represented only the first phase of the repayment process, noting that a substantial portion of the outstanding debt remains unpaid.
The lenders reaffirmed their commitment to working with the EFCC and other relevant stakeholders to ensure the recovery process continues until the outstanding indebtedness is fully settled.
They also pledged to provide the EFCC with all relevant documents required for the investigation and prosecution of any criminal aspects of the matter, while ensuring that the recovery process remains lawful, transparent and commercially responsible.
The EFCC said it would continue the investigation to its logical conclusion and pursue the full recovery of depositors’ funds in accordance with the law.
