The Economic and Financial Crimes Commission (EFCC) has successfully recovered and paid a sum of $60 million from an indigenous oil and gas business, Nestoil Limited, to a consortium of creditor banks, a major development in the company’s long-running debt dispute.
The payment was made under a structured repayment arrangement established between Nestoil and its lenders at a meeting called and chaired by EFCC Chairman, Olanipekun Olukoyede.
The arrangement comes as the anti-graft agency continues to probe the alleged criminal aspects of financial transactions involving Nestoil and the consortium of lenders, according to many Nigerian news reports.
Operatives of the EFCC’s Lagos Zonal Directorate 2, supervised by the Head of Investigation, Oguzi Moses, recovered $60 million.
The commission said the payment was a significant milestone in its efforts to promote accountability, protect financial institutions and secure the interests of depositors.
The payment, however, is not a full resolution of Nestoil’s obligations.
The lenders’ consortium claimed the $60 million was simply the first round of the payback procedure, with a large part of the remaining debt still to be paid. The lenders have vowed to keep working with the EFCC and other partners to retrieve the outstanding amount.
The creditor group also agreed to supply the EFCC with essential documents and information to support its ongoing investigation but emphasised that the recovery process must be lawful, transparent and commercially responsible.
The partnership reportedly comprises Access Bank, Zenith Bank, Ecobank, Afreximbank, First Bank, FCMB, United Bank for Africa and Union Bank, among other big financial institutions.
The scope of the conflict is large. As of June 2026, the lenders have outstanding exposures of approximately $1.084 billion and ₦469.43 billion respectively, Business Post said. The debts, reports say, were incurred via a number of loan facilities granted to Nestoil by financial institutions from 2010 and were combined under a restructuring agreement called the “Global Club” in 2023.
The conflict had previously progressed into legal and receivership processes. In October 2025, the Federal High Court in Lagos ordered the freeze of assets and accounts traced to Nestoil, its affiliate, Neconde Energy Limited and their promoters over the claims of the lenders.
The recent intervention of the EFCC is coming on the heels of a series of court tussles involving Nestoil, its affiliates and creditor institutions. Also, in April 2026, the Federal High Court in Abuja nullified orders stopping the EFCC from investigating two firms linked to the Nestoil Group.
The initial $60 million has now been paid to the lenders and focus is expected to turn to other phases of the repayment scheme and the ongoing EFCC probe.
The commission once again reiterated that it will take the investigation to its logical conclusion and reclaim the outstanding cash as per law.
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