BREAKING: EFCC facilitates $60 million Nestoil debt repayment to creditors

The Economic and Financial Crimes Commission (EFCC) has successfully facilitated the repayment of $60 million to a consortium of lenders from Nestoil Limited, according to sources familiar with the transaction. The payment, which followed a structured repayment arrangement between Nestoil and the lenders, was facilitated by EFCC Chairman, Mr. Ola Olukoyede, during a meeting with the parties involved.

Sources indicate that the recovery represents the first phase of a larger repayment process, with a substantial portion of the $240.51 million debt still outstanding. An estimated $40 million is expected in the next tranche. The EFCC's Lagos Zonal Directorate 2 played a crucial role in the recovery, working in conjunction with the investigation into alleged criminal aspects of the transactions between Nestoil and its lenders.

The lenders have committed to providing the necessary documentation as the process continues, and the EFCC remains committed to investigating the circumstances surrounding the facilities and the defaults that ensued. This development comes amidst a long-standing dispute between Nestoil and the consortium of financial institutions, which originated in 2010 and saw the loans consolidated under a restructuring arrangement known as the "Global Club."

The dispute culminated in a Federal High Court granting a Mareva injunction in October 2025, freezing Nestoil's assets, bank accounts, and shares. The EFCC's intervention marks a significant milestone in the ongoing legal and investigative processes linked to Nestoil's debt.