Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited and transferred the funds to a consortium of the company’s creditor banks as part of efforts to recover its outstanding debts.
Gatekeepers News reports that the development followed a meeting convened by EFCC Chairman, Olanipekun Olukoyede, where the commission, Nestoil and the consortium of lenders agreed on a structured repayment plan. The arrangement was reached during the EFCC’s investigation into alleged criminal aspects of transactions involving Nestoil and its lenders.
According to the EFCC, the $60 million payment represents the first major recovery under the repayment arrangement. The payment was facilitated by operatives of the commission’s Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
The consortium of creditor banks welcomed the recovery but stressed that the $60 million represents only the first phase of the repayment process, with a substantial portion of Nestoil’s outstanding indebtedness still unpaid.
The lenders also pledged to continue cooperating with the EFCC by providing documents and other information needed to support the commission’s investigation and recovery efforts.
The EFCC said it would continue the investigation to its conclusion and pursue the full recovery of the funds owed to the financial institutions, in line with the law.
The commission said the recovery demonstrates its commitment to protecting financial institutions and safeguarding depositors’ funds.
