SUNTV Global Channel | August 17, 2026
The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of an ongoing investigation into alleged criminal aspects of transactions involving the oil company and a consortium of lenders.
The recovery followed a meeting chaired by EFCC Chairman Olanipekun Olukoyede, during which Nestoil and the lenders reportedly reached an agreement on a structured repayment plan for the company’s outstanding debt.
According to reports, the $60 million was paid to the consortium during the course of the EFCC investigation.
The recovery was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by Head of Investigation, Oguzi Moses.
The anti-graft agency described the recovery as a significant development in its efforts to strengthen financial accountability, protect financial institutions and safeguard depositors’ funds.
However, the consortium of lenders reportedly stressed that the $60 million represents only the first phase of the repayment, with a substantial portion of the outstanding debt still unpaid.
The lenders have pledged to continue working with the EFCC and other relevant stakeholders to ensure the remaining debt is recovered.
They also agreed to provide relevant documents and information to support the commission’s ongoing investigation and any potential prosecution, while emphasising the need for the process to remain lawful, transparent and commercially responsible.
The EFCC has, in turn, reaffirmed its commitment to pursuing the investigation to its logical conclusion and recovering outstanding funds in accordance with the law.
The development follows an April 15, 2026 ruling by the Federal High Court in Abuja, which reportedly cleared the way for the EFCC to continue investigating two companies affiliated with the Nestoil Group.
Justice P. Lifu had set aside earlier ex parte orders restraining the commission from investigating Amaranta Oil & Gas Development Company Limited and Jones Creek Hydrocarbon Limited, freezing their bank accounts or taking enforcement action against them.
The dispute involves several lenders, including FBNQuest Limited, First Bank of Nigeria Limited, Access Bank Plc and Zenith Bank Plc.
The broader debt-recovery dispute reportedly involves claims exceeding $1 billion and ₦430 billion allegedly owed by Nestoil, Neconde Energy Limited and related parties.
Following the court ruling, the cases were given accelerated hearing, allowing the EFCC’s investigation into alleged financial and criminal activities linked to the Nestoil Group and its affiliates to proceed.
Jones Creek Hydrocarbon Limited is the technical operator of Oil Mining Lease 42 (OML 42), a major joint venture involving the Nestoil Group and the Nigerian government.
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