The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has made significant progress in its continuing investigation involving Nestoil Limited, Neconde Energy Limited, and a group of lenders, with the seizure of an extra $40 million in favour of the banks
With the most recent recovery, which occurred on Monday, October 19, 2026, the total sum recovered during the inquiry and ongoing restitution procedure now stands at $100 million.
This comes after the $60 million recovery that was previously announced on Monday, August 17, 2026.
Though the media department of the EFCC could not be reached to comment on this landmark recovery, the lenders opined that the additional $40 million represents a significant step forward in the recovery process.
The ongoing investigation centres on certain financial transactions involving Nestoil Limited, Neconde Energy Limited and a consortium of lenders. The EFCC’s intervention has, among other objectives, focused on facilitating the recovery of outstanding obligations owed to the lenders while simultaneously safeguarding the interests of depositors in the various banks.
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Following a meeting chaired by the executive chairman of the EFCC, Olanipekun Olukoyede, a structured repayment arrangement was reached between Nestoil and the consortium of lenders. The agreement provided a framework for the orderly repayment of the outstanding indebtedness, subject to the terms agreed by the parties and the applicable laws.
The first tranche of $60 million was subsequently paid to the lenders, while the latest payment of $40 million brings the cumulative recovery under the arrangement to $100 million.
The consortium of lenders is happy and has welcomed the latest payment as a significant and encouraging development in the recovery process.
The lenders have also reaffirmed their commitment to continued cooperation with the EFCC and other relevant stakeholders towards ensuring the full recovery of outstanding obligations.
The lenders considers the recovery significant not only from the perspective of the funds involved but also because of its potential impact on the stability and integrity of Nigeria’s financial system. The recovery of funds owed to financial institutions ultimately serves to protect the interests of lenders, depositors and other legitimate stakeholders whose funds are deployed in the financial system.
While the cumulative $100 million recovery represents substantial progress, the recovery process is not yet concluded, as a significant portion of the outstanding indebtedness remains to be settled in accordance with the agreed repayment plan.
The lenders appreciate the efforts of the EFCC for deploying its investigative powers professionally and diligently in accordance with its statutory mandate, with the ultimate objective of safeguarding Nigeria’s financial system and strengthening public confidence in the fight against economic and financial crimes.
