EFCC recovers $60m in ongoing Nestoil investigation

Olanipekun Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has recorded a breakthrough in the commission’s ongoing investigation into the alleged criminal aspects of transactions involving Nestoil Limited and a consortium of its lenders.

At a meeting convened and chaired by Olukoyede, a structured repayment plan was agreed between Nestoil Limited and the consortium of lenders as part of efforts to recover outstanding indebtedness. The agreement has already yielded significant results, with $60 million recovered from Nestoil Limited and paid to the consortium during the course of the investigation.

The payment by Nestoil, facilitated by a team of operatives from the EFCC Lagos Zonal Directorate 2 led by Oguzi Moses, the head of Investigation, represents a significant milestone in the commission’s commitment to promoting accountability, protecting the interests of financial institutions, and safeguarding depositors’ funds.

While welcoming the payment as an encouraging development, the consortium of lenders noted that it represents only the first phase of the repayment process, as a substantial portion of the outstanding debt remains to be settled. The lenders reaffirmed their commitment to working closely with the EFCC and other relevant stakeholders to ensure the seamless continuation of the recovery process until the outstanding indebtedness is fully liquidated.

The lenders also reiterated their commitment to supporting the EFCC by providing all relevant documents required for the diligent prosecution of the investigation, while ensuring that all parties comply with the law and that the recovery process remains lawful, transparent, and commercially responsible.

The EFCC reaffirmed its resolve to pursue the investigation to its logical conclusion and to ensure the full recovery of depositors’ funds in accordance with the law.