By NewsBino

The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from indigenous oil and gas company Nestoil Limited, marking a significant development in the ongoing investigation into the company’s financial obligations to a consortium of lenders.

The recovery followed a meeting facilitated by EFCC Chairman, Olanipekun Olukoyede, where Nestoil and its lenders agreed to a structured repayment arrangement aimed at resolving the company’s outstanding debts.

EFCC Facilitates $60 Million Recovery

According to reports, the $60 million recovered from Nestoil has already been paid to the consortium of lenders.

The recovery was facilitated by officials from the EFCC Lagos Zonal Directorate 2, led by the agency’s Head of Investigation, Oguzi Moses, as part of the commission’s continuing investigation into the transactions involving Nestoil and its creditors.

The development represents an important step in efforts to address the long-running financial dispute between the indigenous energy company and its lenders.

Repayment Plan Agreed With Lenders

At the meeting convened by the EFCC, Nestoil and the consortium of financial institutions agreed on a structured repayment plan.

However, the $60 million payment does not represent full settlement of the company’s obligations. The lenders have described the payment as an initial stage in the recovery process, with a substantial portion of the outstanding debt still remaining.

Reports indicate that a further payment could follow as the agreed repayment arrangement progresses.

Nestoil Debt Dispute Involves Major Financial Institutions

The dispute has involved a consortium of lenders and has generated significant legal and financial attention.

Reports on the matter indicate that the lenders’ claims involve more than $1 billion and hundreds of billions of naira, highlighting the scale of the financial obligations under dispute.

The underlying loans reportedly originated from credit facilities extended to Nestoil over several years and were subsequently consolidated under a restructuring arrangement.

The dispute has also involved court proceedings concerning the company’s assets and the enforcement of receivership-related orders.

Supreme Court Ruling Added to the Legal Complexity

The debt dispute has been the subject of prolonged litigation.

Premium Times reported that the legal battle reached the Supreme Court of Nigeria in June 2026, where the court annulled an order of the Court of Appeal relating to the freezing of assets belonging to Nestoil and its affiliate, Neconde Energy.

Earlier proceedings had included orders affecting Nestoil’s assets, bank accounts and shares, while the case was subsequently reassigned following complaints surrounding the proceedings.

The complex legal history underscores the significance of the latest repayment arrangement facilitated by the EFCC.

Why the Recovery Matters

The recovery could have wider implications for Nigeria’s financial sector.

Large unpaid corporate loans can affect the financial position of lending institutions and contribute to the accumulation of non-performing loans. Resolving such obligations can therefore help strengthen confidence in the banking system and improve the recovery of funds belonging to financial institutions and, ultimately, depositors.

The EFCC has also positioned its involvement as part of efforts to promote accountability and protect the interests of financial institutions.

Investigation Remains Ongoing

Despite the $60 million recovery, the EFCC’s investigation into the transactions involving Nestoil and its lenders is continuing.

A senior EFCC official reportedly confirmed the recovery but said the agency became involved because of the wider economic implications of the dispute. The EFCC spokesperson, Dele Oyewale, did not respond to requests for comment from Premium Times at the time of publication.

This means the latest payment should be viewed as part of a broader recovery and investigative process rather than the conclusion of the matter.

What Happens Next?

The lenders are expected to continue working with Nestoil and the EFCC toward recovery of the remaining obligations.

The $60 million payment provides an initial breakthrough, but the substantial amount still outstanding means that further repayments and developments are likely as the structured arrangement progresses.

Conclusion

The EFCC’s recovery of $60 million from Nestoil represents a significant development in one of Nigeria’s high-profile corporate debt disputes.

While the payment offers some relief to the consortium of lenders, it is only the first stage of the recovery process, with a much larger portion of the outstanding obligations still unresolved.

As the EFCC investigation continues and the structured repayment plan moves forward, attention will remain on whether Nestoil and its lenders can reach a lasting resolution to the long-running financial dispute.

Source: Premium Times