EFCC Recovers $60 Million from Nestoil Limited

The Economic and Financial Crimes Commission (EFCC), under the leadership of Chairman Mr. Olanipekun Olukoyede, has made a significant advancement in its investigation into Nestoil Limited, recovering US$60 million from the company. This recovery is part of a structured repayment plan agreed upon between Nestoil Limited and a consortium of its lenders.

The payment, facilitated by the EFCC Lagos Zonal Directorate 2 and led by Head of Investigation Mr. Oguzi Moses, represents a crucial milestone in the EFCC's efforts to promote accountability and protect financial institutions' interests. While the consortium welcomed this payment, they emphasized that it is only the first phase of the repayment process, with a substantial portion of the debt still outstanding.

The lenders expressed their commitment to collaborating with the EFCC to ensure the recovery process continues lawfully and transparently, while the EFCC reaffirmed its determination to pursue the investigation to its conclusion.