EFCC hands over N140m recovered from alleged loan fraud to B4 Sail
The Economic and Financial Crimes Commission, EFCC, has handed over N140 million recovered during an investigation into alleged obtaining of money by false pretence and diversion of funds to an investment and money-lending company, B4 Sail Limited, in Lagos. According to a statement by the agency, the EFCC Lagos Zonal Directorate 2, located at Okotie-Eboh, […] EFCC hands over N140m recovered from…
The Economic and Financial Crimes Commission (EFCC) has returned N140 million recovered from a loan fraud investigation to B4 Sail Limited, according to a statement from the Lagos Zonal Directorate 2. The funds were presented to the company by Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, on Thursday, September 17, 2026.
The recovery followed an investigation involving Jacob Oyebola Esan and his associated companies. Esan had approached B4 Sail Limited in August 2025 to obtain a N500 million loan at an interest rate of 15% per month, with a one-month term. The investigation revealed that Esan had previously obtained N1.065 billion in loan facilities from B4 Sail Limited, with shares pledged as collateral through Calyx Securities Limited.
The lien was communicated to B4 Sail Limited, but the pledged shares were sold without their knowledge, leading to Esan's inability to repay the loan. The outstanding loan and accrued interest then rose to N2.2505 billion. The EFCC stated that the recovery is a step in their efforts to ensure funds and assets recovered in investigations are returned to legitimate owners and victims according to due process.
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