The Economic and Financial Crimes Commission has recovered $60 million from Nestoil Limited as part of its ongoing investigation into the alleged criminal aspects of transactions involving the company and a consortium of lenders.
The recovery followed a meeting convened by the EFCC chairman, Olanipekun Olukoyede, at which Nestoil and the lenders agreed to a structured repayment plan for the company’s outstanding indebtedness.
The commission said the payment was facilitated by operatives of its Lagos Zonal Directorate 2, led by Oguzi Moses, the head of investigation.
It described the payment as a significant step in efforts to protect the interests of financial institutions and safeguard depositors’ funds.
The lenders welcomed the $60 million payment but said it represents only the first phase of the repayment process, with a substantial portion of the debt still outstanding.
They said they would continue to work with the EFCC and other stakeholders to ensure the recovery process proceeds lawfully, transparently and in a commercially responsible manner.
The consortium also pledged to provide documents required for the investigation.
The EFCC said it would pursue the matter to its logical conclusion and work towards the full recovery of depositors’ funds in accordance with the law.
