{
  "id": 1620544,
  "title": "Neconde/Nestoil Respond to ‘Malicious, Despicable’ Report on Alleged $60 Million EFCC Recovery",
  "url": "https://urgent.news/2026/08/18/neconde-nestoil-respond-to-malicious-despicable-report-on-alleged-60",
  "topic": "world",
  "section": "World",
  "published": "2026-08-18T02:43:50.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/08/18/neconde-nestoil-respond-to-malicious-despicable-report-on-alleged-60-million-efcc-recovery/"
  },
  "original_language": "en",
  "account": "Lenders Neconde Energy Ltd. and Nestoil Ltd. have responded to a controversial report published on August 17, 2026, claiming the Nigerian Economic and Financial Crimes Commission (EFCC) recovered $60 million in an investigation related to Nestoil. The report, published in various newspapers including Thisday, Leadership, Businessday, The Guardian, The Nation, and New Telegraph, was labeled as \"sponsored malicious and despicable false narrative\" by Nestoil and Neconde. The lenders believe the report originated from a particular recalcitrant lender aiming to hinder a resolution of commercial issues. The lender's actions were condemned by the Supreme Court of Nigeria in two recent decisions, which set aside orders obtained by the lenders and condemned their actions as \"a scandalous and despicable engagement in gross abuse of judicial process.\" As a result, the EFCC convened a meeting on July 8, 2026, aimed at resolving commercial issues amicably. Neconde and Nestoil attended the meeting alongside their legal representatives and financial advisers, while the EFCC Chairman emphasized the commercial and symbiotic nature of the relationship between Neconde, Nestoil, and the lenders. The lenders' lead counsel agreed to document the settlement in a Memorandum of Understanding (MOU), which was under review when the report was published. The report's publication has been described as a \"clear cut evidence of bad faith almost bordering on dishonesty\" by Neconde and Nestoil.",
  "summary": "• Say lender angry over oil firms’ refusal to sell shares to it •Reveal meeting with EFCC not a probe, done in convivial atmosphere with all parties present •Describe ‘sponsored’",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}