EFCC Recovers Additional $40m from Nestoil

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million from Nestoil Limited, bringing total recoveries under a repayment arrangement involving the oil and gas company and a consortium of lenders to $100 million.

The lenders disclosed that the latest payment was made on October 19, 2026, following an earlier $60 million payment reported in August.

The recovery follows a repayment arrangement reached at a meeting chaired by EFCC Chairman, Mr Ola Olukoyede, to facilitate the settlement of outstanding obligations owed by Nestoil, its affiliate Neconde Energy Limited and the financial institutions.

The lenders described the latest payment as a significant step towards recovering the outstanding debt but noted that a substantial portion of the obligations remained unpaid.

They reaffirmed their commitment to working with the EFCC and other relevant stakeholders to ensure the remaining debt is settled in line with the agreed repayment plan.

The consortium comprises Access Bank, Zenith Bank, Ecobank, African Export-Import Bank (Afreximbank), First Bank of Nigeria, First City Monument Bank, United Bank for Africa and Union Bank of Nigeria.

In June 2026, the lenders said Nestoil’s total indebtedness stood at approximately $1.084 billion and N469.43 billion, despite previous attempts to restructure the facilities.

The loans originated from bilateral credit facilities extended by the banks from 2010 and were subsequently consolidated under a restructuring arrangement known as the Global Club, which became effective in 2023.

The dispute escalated in October 2025 when the Federal High Court in Lagos granted a Mareva injunction freezing assets, bank accounts and shares linked to Nestoil, Neconde Energy and their promoters. The court also appointed Abubakar Sulu-Gambari, SAN, as receiver-manager.

In June 2026, the Supreme Court set aside interim preservative orders previously granted by the Court of Appeal and directed the parties to return to the lower court to address the substantive issues in the dispute.

The lenders subsequently clarified that the ruling did not extinguish Nestoil’s indebtedness or invalidate the underlying debt recovery process.