The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of its ongoing investigation into alleged criminal aspects of transactions involving the oil company and a consortium of lenders.
The recovery followed a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede, during which Nestoil and the consortium reached an agreement on a structured repayment plan aimed at settling the company’s outstanding indebtedness.
The Nation reported that the $60 million was paid to the consortium during the course of the EFCC investigation.
The recovery was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
The commission described the payment as a significant milestone in its efforts to promote accountability, protect financial institutions and safeguard depositors’ funds.
However, the lenders made it clear that the $60 million represents only the first phase of the repayment process, stressing that a substantial portion of the outstanding debt remains unpaid.
The consortium said it would continue working with the EFCC and other relevant stakeholders to ensure that the recovery process proceeds until the outstanding obligations are fully liquidated.
The lenders also undertook to provide the commission with relevant documents and other materials required to support its investigation and any possible prosecution.
They, however, maintained that the recovery process must be conducted lawfully, transparently and in a commercially responsible manner.
The EFCC, in response, reaffirmed its determination to pursue the investigation to its logical conclusion and recover outstanding funds in accordance with the law.
The latest development adds a major financial dimension to the prolonged dispute between Nestoil, its affiliates and a consortium of lenders, with the broader debt-recovery battle reportedly involving claims exceeding $1 billion and N430 billion allegedly owed by Nestoil, Neconde Energy Limited and related parties.
The lenders involved include FBNQuest Limited, First Bank of Nigeria Limited, Access Bank Plc and Zenith Bank Plc.
The recovery also comes months after the Federal High Court in Abuja cleared the way for the EFCC to continue investigating two companies affiliated with the Nestoil Group.
On April 15, 2026, Justice P. Lifu vacated earlier ex parte orders restraining the commission from investigating Amaranta Oil & Gas Development Company Limited and Jones Creek Hydrocarbon Limited.
The earlier orders, obtained in February and March, had barred the EFCC from investigating the companies, freezing their bank accounts or taking enforcement action against them amid the wider dispute involving Nestoil, its lenders and a court-appointed receiver.
Following the April ruling, the court directed that the two cases be given accelerated hearing, effectively removing the judicial restrictions that had previously impeded the commission’s investigative activities.
The ruling consequently allowed the EFCC to proceed with its probe into alleged financial and criminal activities linked to the Nestoil Group and its affiliates.
At the centre of the dispute is Oil Mining Lease 42 (OML 42), one of Nigeria’s significant oil assets. Jones Creek Hydrocarbon Limited serves as the technical operator of OML 42, a major joint venture involving the Nestoil Group and the Nigerian government.
The $60 million recovery therefore represents an important development in a much larger financial dispute, but the lenders’ position makes clear that the matter is far from over.
With a substantial portion of the alleged indebtedness still outstanding, the EFCC investigation, repayment negotiations and potential prosecution could continue to place Nestoil and its affiliated companies under intense financial and regulatory scrutiny.
The commission has now pledged to follow the matter through to its logical conclusion, while the lenders insist that every outstanding obligation must ultimately be accounted for and recovered within the confines of the law.