The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited and transferred the funds to a consortium of creditor banks as part of efforts to recover the company’s outstanding indebtedness.
The recovery followed a repayment arrangement reached between Nestoil and the consortium of creditor banks at a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede.
According to the EFCC, the agreement was reached to facilitate the recovery of Nestoil’s outstanding debt to the lenders, with the $60 million payment representing the first phase of the repayment process.
The payment was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
The commission described the recovery as a significant step towards protecting financial institutions and safeguarding depositors’ funds.
However, the consortium of creditor banks acknowledged the payment while noting that a substantial portion of the outstanding debt remains unpaid.
The lenders pledged to continue working with the EFCC and other relevant stakeholders to ensure the recovery process continues until Nestoil’s outstanding indebtedness is fully settled.
They also committed to providing documents and other relevant information required by the commission for its ongoing investigation, while ensuring that the process remains lawful and transparent.
The EFCC said it would continue its investigation into the matter and pursue the recovery of the remaining outstanding funds in accordance with the law.
