EFCC recovers extra $40m in ongoing Nestoil investigation, whole restoration hits $100m

The Economic and Financial Crimes Commission (EFCC), Lagos
Zonal Directorate 2, has recorded one other main breakthrough in its ongoing
investigation involving Nestoil Limited, Neconde Energy Limited and a
consortium of lenders, with the restoration of an extra $40 million in favour
of the Banks.

 

The newest restoration, made on Monday October 19, 2026, brings
the entire quantity recovered in the midst of the investigation and ongoing
compensation course of to $100 million.

The improvement follows the sooner restoration of $60 million
which was reported on Monday, August 17, 2026.

Though, the media division of the EFCC couldn’t be
reached to touch upon this landmark restoration, the lenders opined that the
extra $40 million represents a big step ahead within the restoration
course of.

The ongoing investigation centres on sure monetary
transactions involving Nestoil Limited, Neconde Energy Limited and a consortium
of lenders. The EFCC’s intervention has, amongst different aims, targeted on
facilitating the restoration of excellent obligations owed to the lenders whereas
concurrently safeguarding the pursuits of depositors within the varied banks.

Following a gathering chaired by the chief chairman of the
EFCC, Olanipekun Olukoyede, a structured compensation association was reached
between Nestoil and the consortium of lenders. The settlement offered a
framework for the orderly compensation of the excellent indebtedness, topic to
the phrases agreed by the events and the relevant legal guidelines.

The first tranche of $60 million was subsequently paid to
the lenders, whereas the most recent cost of $40 million brings the cumulative
restoration beneath the association to $100 million.

The consortium of lenders are comfortable and has welcomed the
newest cost as a big and inspiring improvement within the restoration
course of. The lenders have additionally reaffirmed their dedication to continued
cooperation with the EFCC and different related stakeholders in the direction of making certain the
full restoration of excellent obligations.

The lenders considers the restoration vital not solely from
the attitude of the funds concerned but in addition due to its potential impression
on the steadiness and integrity of Nigeria’s monetary system. The restoration of
funds owed to monetary establishments finally serves to guard the pursuits
of lenders, depositors and different legit stakeholders whose funds are
deployed within the monetary system.

While the cumulative $100 million restoration represents
substantial progress, the restoration course of will not be but concluded, as a
significant slice of the excellent indebtedness stays to be settled in
accordance with the agreed compensation plan.

The lenders admire the efforts of the EFCC for deploying
its investigative powers professionally and diligently in accordance with its
statutory mandate, with the last word goal of safeguarding Nigeria’s
monetary system and strengthening public confidence within the combat towards
financial and monetary crimes.

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