The Economic and Financial Crimes Commission 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.
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The recovery followed a meeting convened and chaired by EFCC Chairman Olanipekun Olukoyede, during which Nestoil and the consortium of lenders agreed on a structured repayment plan aimed at settling the company’s outstanding indebtedness.
The $60 million was paid to the consortium during the course of the EFCC investigation and represents the first phase of the repayment process.
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.
The consortium of lenders, however, said the $60 million represented only the first phase of the recovery, stressing that a substantial part of the outstanding indebtedness remained unpaid.
The lenders pledged to continue working with the EFCC and other relevant stakeholders to ensure that the recovery process continues until the debt is fully liquidated.
They also undertook to provide the commission with relevant documents required to support its ongoing investigation and any prosecution that may arise from it.
The lenders nevertheless maintained that the recovery process must remain lawful, transparent and commercially responsible.
The EFCC, on its part, reaffirmed its commitment to pursuing the investigation to its logical conclusion and ensuring the recovery of outstanding funds in accordance with the law.
The development comes months after the Federal High Court in Abuja vacated orders that had restrained the EFCC from investigating two companies affiliated with the Nestoil Group.
On April 15, 2026, Justice P. Lifu set aside earlier ex parte orders which had barred the commission from investigating Amaranta Oil & Gas Development Company Limited and Jones Creek Hydrocarbon Limited, freezing their bank accounts or taking enforcement action against them.
The restraining orders had initially been obtained by the two companies in February and March amid a wider dispute involving Nestoil, its lenders and a court-appointed receiver.
The consortium of lenders involved in the dispute includes FBNQuest Limited, First Bank of Nigeria Limited, Access Bank Plc and Zenith Bank Plc.
The broader debt-recovery dispute reportedly involves claims exceeding $1 billion and ₦430 billion allegedly owed by Nestoil, Neconde Energy Limited and related parties.
Following the April ruling, the Federal High Court directed that the two cases be given accelerated hearing, thereby clearing the way for the EFCC to continue its investigation into alleged financial and criminal activities linked to the Nestoil Group and its affiliates.
Jones Creek Hydrocarbon Limited is the technical operator of Oil Mining Lease 42 (OML 42), a major joint venture involving the Nestoil Group and the Nigerian government.
The $60 million recovery does not, however, conclude either the debt dispute or the EFCC investigation, as the lenders maintain that a significant portion of the alleged indebtedness remains outstanding while the commission continues its probe.
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