EFCC Facilitates $60m Nestoil Debt Repayment to Creditor Banks

The Economic and Financial Crimes Commission (EFCC) has facilitated the recovery and payment of $60 million from indigenous oil and gas company Nestoil Limited to a consortium of creditor banks, marking a major development in the company’s long-running debt dispute.

The payment followed a structured repayment agreement reached between Nestoil and its lenders at a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede.

According to reports from multiple Nigerian news outlets, the agreement was reached as the anti-graft agency continues its investigation into the alleged criminal aspects of financial transactions involving Nestoil and the consortium of lenders.

The $60 million recovery was facilitated by operatives of the EFCC’s Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.

The commission described the payment as an important milestone in its efforts to promote accountability, protect financial institutions and safeguard the interests of depositors.

However, the payment does not represent a full settlement of Nestoil’s obligations.

The consortium of lenders said the $60 million constituted only the first phase of the repayment process, with a substantial portion of the outstanding debt still unpaid. The lenders have pledged to continue working with the EFCC and other stakeholders to recover the remaining funds.

The creditor group has also agreed to provide relevant documents and information to support the EFCC’s ongoing investigation, while stressing that the recovery process must remain lawful, transparent and commercially responsible.

Reports indicate that the consortium includes major financial institutions such as Access Bank, Zenith Bank, Ecobank, Afreximbank, First Bank, FCMB, United Bank for Africa and Union Bank.

The scale of the dispute is significant. Business Post reported that the lenders’ outstanding exposure stood at about $1.084 billion and ₦469.43 billion as of June 2026. The debts reportedly arose from several credit facilities extended to Nestoil by financial institutions from 2010 and subsequently consolidated under a restructuring arrangement known as the “Global Club” in 2023.

The dispute had previously escalated into legal and receivership proceedings. In October 2025, the Federal High Court in Lagos granted an order freezing assets and accounts linked to Nestoil, its affiliate Neconde Energy Limited and their promoters over the lenders’ claims.

The EFCC’s latest intervention comes after a series of legal battles involving Nestoil, its affiliates and creditor institutions. In April 2026, the Federal High Court in Abuja also vacated orders that had restricted the EFCC from investigating two companies affiliated with the Nestoil Group.

With the first $60 million now paid to the lenders, attention is expected to shift to subsequent phases of the repayment arrangement and the EFCC’s continuing investigation.

The commission has reaffirmed its determination to pursue the investigation to its conclusion and recover outstanding funds in accordance with the law.