The Economic and Financial Crimes Commission (EFCC) has recovered another $40 million in its ongoing investigation involving Nestoil Limited, Neconde Energy Limited and a group of lenders. The latest payment brings the EFCC Nestoil recovery to $100 million under an agreed repayment arrangement.
The additional funds were recovered on October 19, 2026, according to information provided by the lenders. The development follows an earlier recovery of $60 million reported in August.
The latest payment marks further progress in efforts to recover outstanding debts owed to the financial institutions. However, the full recovery process remains ongoing, as a substantial portion of the outstanding obligations has yet to be settled.
EFCC Nestoil Recovery Reaches $100m
The latest recovery adds to the $60 million previously paid to the lenders, bringing the cumulative amount recovered under the arrangement to $100 million.
The investigation focuses on financial transactions involving Nestoil, Neconde Energy and the consortium of lenders. The EFCC has been involved in efforts to facilitate the recovery of outstanding obligations while protecting the interests of depositors and other stakeholders in the banking system.
The lenders described the latest payment as an encouraging step towards settling the outstanding debt. They also expressed their willingness to continue working with the commission and other relevant parties until the recovery process is completed.
The EFCC’s media department was reportedly unavailable for comment on the latest development.
Repayment Agreement Guides Recovery Process
The recovery effort followed a meeting chaired by EFCC Executive Chairman Olanipekun Olukoyede. The meeting led to a structured repayment arrangement between Nestoil and the consortium of lenders.
The agreement established a framework for repaying the outstanding debt in line with the terms accepted by the parties and applicable laws.
Under the arrangement, the lenders first received $60 million. The latest $40 million payment brings the total recovery to $100 million.
The repayment plan is expected to continue until the parties settle the remaining obligations. However, the lenders have not indicated that the process has reached its conclusion.
Lenders Highlight Importance to Financial Stability
The consortium welcomed the additional payment, describing it as a significant development in the recovery process.
The lenders also stressed the importance of recovering funds owed to financial institutions. They said such recoveries help protect lenders, depositors and other legitimate stakeholders whose money supports the financial system.
They further acknowledged the EFCC’s role in the process and praised its efforts to pursue the recovery within its legal mandate.
Despite the progress, the EFCC Nestoil recovery remains incomplete. A considerable portion of the outstanding indebtedness is still due, and further payments will be required under the agreed repayment plan.
The lenders said they would continue cooperating with the commission and other relevant stakeholders to pursue full recovery. The final outcome will depend on the repayment process and compliance with the terms of the agreement.