EFCC Recovers N140m from Jacob Esan for Loan Company

By Modupe Gbadeyanka

The sum of N140 million has been recovered by the Economic and Financial Crimes Commission (EFCC) for an investment and money-lending firm, B4 Sail Limited.

The money was on Thursday, September 17, 2026, handed over to the company in bank drafts by the Acting Zonal Director for Lagos Zonal Directorate 2 of the EFCC, Mr Bawa Usman Kaltungo, who said the recovery “represents a further step in the commission’s efforts to ensure that funds and assets recovered in the course of its investigations are appropriately returned to legitimate owners and victims in accordance with due process.

It was disclosed by the anti-money laundering organisation in a statement on Friday that the money was recovered from one Mr Jacob Esan and companies linked to him.

After receiving a petition from B4 Sail Limited on allegations of obtaining money by false pretence and diversion of funds against Mr Esan, the EFCC swung into action by launching a probe.

The petition, submitted on April 20, 2026, claimed that Mr Esan, on behalf of his company, Geo Fluids Plc, had approached the company in August 2025 for a N500 million loan facility to boost his business.

The loan facility, according to the petitioner, attracted an interest rate of 15 per cent per month and had a tenor of one month.

Investigation revealed that Mr Esan, who is the first suspect, had previously obtained other loan facilities from the company, bringing his total loan exposure to about N1.1 billion.

It was also revealed that Mr Esan pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the stocks, with the understanding that the shares would be subject to a lien in favour of B4 Sail Limited and that the company would have the first right of payment upon the sale of the shares.

The lien, investigation revealed, was communicated to B4 Sail Limited through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director, Calyx Securities Limited.

Further investigation, however, revealed that the shares pledged as collateral had been sold without the knowledge of the petitioner, resulting in the suspect’s alleged default in repaying the facilities.

Consequently, the outstanding loan and accrued interest had risen to N2.251 billion.