Neconde and Nestoil Deny $60 Million EFCC Recovery Claims

Neconde Energy Ltd. and Nestoil Ltd. issued a statement responding to a false report claiming the Economic and Financial Crimes Commission (EFCC) recovered $60 million in an ongoing investigation. They described the report as a "malicious and despicable false narrative" likely sponsored by a particular lender upset over the companies' refusal to sell shares.

The companies referenced Supreme Court decisions from April 10, 2026, and June 1, 2026, which condemned the lenders' actions and lifted judicial restrictions, allowing the reopening of the Nestoil Towers in Victoria Island, Lagos. They clarified that a meeting with the EFCC on July 8, 2026, was purely conciliatory and aimed at amicable resolution, countering the narrative that it was a probe.

The companies expressed concern that the sponsored reports hindered the resolution of ongoing commercial issues.