The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of an ongoing investigation into alleged criminal elements in transactions between the oil company and a consortium of its lenders.
The recovery followed a structured repayment arrangement reached at a meeting chaired by EFCC Chairman, Olanipekun Olukoyede, as the commission examines the financial dealings between Nestoil and the lending institutions.
The commission disclosed that the $60 million had already been paid by Nestoil to the consortium during the investigation.
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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 step in its efforts to promote accountability, protect financial institutions, and safeguard depositors’ funds.
However, the $60 million represents only the first phase of the repayment process, while the consortium indicates that a substantial part of the outstanding indebtedness is still unsettled.
The lenders said they had welcomed the payment but would continue working with the EFCC and other relevant stakeholders to ensure that the recovery process proceeds until the outstanding obligation is fully liquidated.
They also pledged to provide investigators with relevant documents needed to examine the transactions and support the ongoing investigation.
The consortium said all parties involved would be expected to comply with applicable laws while the recovery process is conducted in a manner that is transparent and commercially responsible.
The EFCC said its investigation was focused on the alleged criminal dimensions of the transactions involving Nestoil and the lenders. The commission did not indicate that the company or any individual had been convicted of an offence in connection with the matter.
The arrangement emerged from a meeting convened and chaired by Olukoyede, where Nestoil and the consortium agreed on a structured approach to settling the outstanding indebtedness.
The EFCC said the payment demonstrated progress in its efforts to recover funds connected to financial transactions under investigation.
For the lenders, the initial recovery provides a substantial payment towards the debt, although further sums are still expected under the agreed repayment arrangement.
The consortium also reaffirmed its cooperation with the commission, particularly by making relevant records available to investigators as the inquiry continues.
The EFCC, for its part, said it would pursue the investigation to its logical conclusion and seek the full recovery of funds owed to the lenders in accordance with the law.
As the repayment arrangement progresses, the lenders are expected to continue engaging with the EFCC on the outstanding balance, while investigators examine the transactions that prompted the inquiry.
The commission said its objective was to ensure that the recovery process is conducted lawfully and that funds belonging to depositors are adequately protected.
