Nigeria: EFCC Recovers $60 Million for Nestoil Lenders in Ongoing Debt Investigation
[Premium Times] At a meeting facilitated by the EFCC, Nestoil and a consortium of banks agreed to a structured debt repayment.
The Economic and Financial Crimes Commission (EFCC) in Nigeria has recovered $60 million from indigenous oil and gas firm Nestoil Limited as part of an effort to resolve the ongoing debt crisis between the company and a group of lenders. The structured repayment plan was agreed upon in a meeting facilitated by the EFCC's chief, Olanipekun Olukoyode. The consortium of lenders welcomed the payment as a positive step, but noted that significant portions of Nestoil's debt remain outstanding.
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