EFCC Intervention Yields Additional $40m From Nestoil; Cumulative Repayment Reaches $100m

The Economic and Financial Crimes Commission has recovered another $40 million from Nestoil Limited under an ongoing debt-recovery process involving the oil and gas firm, its affiliate Neconde Energy Limited, and a consortium of lenders. The latest payment, made on October 19, 2026, brings cumulative recoveries under the arrangement to $100 million.

Latest Payment

The payments of $40 million tranche follows an earlier $60 million on August 17, 2026. The lenders said this marked meaningful progress in the efforts to recover what it owes but noted that there is still a large chunk of debt to recover.

EFCC Mediated Debt Repayment Agreement

These payments were as a result of a Debt Repayment Agreement mediated by the Executive Chairman of EFCC, Olanipekun Olukoyede. This paved way for the payment of the outstanding debts in accordance with the agreed terms and conditions.

The lenders said that they are encouraged by this latest payment and will continue to cooperate with the EFCC and other stakeholders to recover what is due.

Importance

According to the lenders, this recovery is very significant. Given how much money was recovered, this will help protect lenders, depositors and other legitimate stakeholders who have their funds invested in financial institutions.

Who Are Involved?

The lenders involved are: Access Bank, Zenith Bank, Ecobank, Afreximbank, First Bank of Nigeria, First City Monument Bank, United Bank for Africa and Union Bank of Nigeria. In June 2026, the lenders said that Nestoil owes them a total of approximately $1.084 billion and N469.43 billion.

Nestoil had taken out various bilateral credits with these financial institutions since 2010. These loans were merged in a restructuring agreement called the "Global Club" which came into effect in 2023. Despite the restructuring, the lender claims that Nestoil has defaulted on payments.

Things Get Heated

In October 2025, the case was brought to the Federal High Court Lagos where a Mareva Injunction was issued against the assets, bank accounts and shares of Nestoil, Neconde Energy and their promoters. At this time, court documents stated that Nestoil owes approximately $1.01 billion and N430 billion.

Abubakar Sulu-Gambari SAN was also appointed as Receiver Manager by the court. This allowed him to seize assets. As a result of this order being enforced, Nestoil’s headquarters on Akin Adesola Street in Victoria Island, Lagos was sealed. Nestoil have denied this and claimed that they are still trading and this is a commercial dispute between the parties.

Going To The Supreme Court

This case has now gone through the Federal High Court, Court of Appeal and Supreme Court. In June 2026, the Supreme Court overturned the interim preservation orders granted by the Court of Appeal. The Court ordered the parties to go back to the lower court to determine the issues.

The Lenders said that they were not affected by the decision of the Supreme Court and Nestoil still owe them money.

Latest Payments Of $40 million payment, the total amount recovered under the EFCC-facilitated arrangement has reached $100 Million

Despite this latest payment there is still a large amount of debt owed by the lenders and repayments will continue to be made in accordance with the agreement.

Source: nairametrics

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