The Economic and Financial Crimes Commission has recovered $60 million from indigenous oil and gas firm Nestoil Limited as part of an ongoing investigation into the company’s debt obligations to a consortium of lenders .
At a meeting facilitated by EFCC Chairman Olanipekun Olukoyede, Nestoil and the consortium of banks agreed to a structured repayment plan as part of efforts to recover outstanding indebtedness . The payment was facilitated by a team of operatives from the EFCC Lagos Zonal Directorate 2 led by the Head of Investigation, Mr Oguzi Moses .
While welcoming the payment as an encouraging development, the consortium of lenders noted that it represents only the first phase of the repayment process, as a substantial portion of the outstanding debt remains to be settled . The lenders reaffirmed their commitment to working closely with the EFCC to ensure the seamless continuation of the recovery process until the outstanding indebtedness is fully liquidated .
The dispute stems from efforts by FBN Quest Merchant Bank and First Trustees Limited to recover debts totalling more than $1 billion and N430 billion allegedly owed by Nestoil and its affiliate, Neconde Energy, as well as their principal promoters . According to a May press release by the lenders, Nestoil’s alleged $2 billion distressed loan has triggered “a historic balance sheet reset” and “a lack of dividend payments” at some major Nigerian banks, including First Bank, United Bank for Africa and Access Bank .
The legal battle between the parties has been complex. In October 2025, a Federal High Court in Lagos issued a Mareva injunction authorising the appointment of a receiver-manager over Nestoil’s assets . Police subsequently sealed the company’s headquarters in Victoria Island, Lagos .
The case has since progressed through the courts. In June 2026, the Supreme Court annulled the Court of Appeal’s order freezing the assets of Nestoil and Neconde, ruling that the appellate court exceeded its authority .
“Nestoil remains fully operational across all business lines,” the company had stated following the receivership order. “Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption” .
EFCC spokesperson Dele Oyewale did not respond to calls seeking comment on this development . Nnenna Azudialu-Obiejesi, executive director at Nestoil, also did not respond to calls .
