The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million from Nestoil Limited in an ongoing investigation involving the oil and gasoline firm, its affiliate Neconde Energy Limited and a consortium of lenders, bringing total recoveries underneath a reimbursement association to $100 million.
According to the lenders, the most recent fee was made on October 19, 2026. This adopted an earlier $60 million fee reported by Nairametrics on August 17, 2026.
The lenders described the most recent restoration as a big step in direction of recovering excellent obligations owed by Nestoil, though a considerable portion of the indebtedness stays unpaid.
EFCC Chairman facilitates reimbursement
The restoration follows a structured reimbursement association reached at a gathering chaired by EFCC Chairman, Olanipekun Olukoyede, as a part of efforts to resolve the dispute and facilitate reimbursement to the monetary establishments.
The settlement offered a framework for the orderly reimbursement of the excellent indebtedness, topic to the phrases agreed by the events and the relevant legal guidelines.
The lenders mentioned they welcomed the most recent fee as a big and inspiring improvement within the restoration course of.
They have additionally reaffirmed their dedication to continued cooperation with the EFCC and different related stakeholders in direction of making certain the complete restoration of excellent obligations.
According to them, the restoration is critical not solely from the angle of the funds concerned but additionally due to its potential affect on the soundness and integrity of Nigeria’s monetary system.
- “The recovery of funds owed to financial institutions ultimately serves to protect the interests of lenders, depositors and other legitimate stakeholders whose funds are deployed in the financial system,” the lenders acknowledged.
While the cumulative US$100 million US {dollars} restoration represents substantial progress, the restoration course of shouldn’t be but concluded, as a good portion of the excellent indebtedness stays to be settled in accordance with the agreed reimbursement plan.
The lenders mentioned they continue to be dedicated to working with the EFCC and different related stakeholders to make sure that the remaining obligations are settled underneath the agreed reimbursement plan.
Background to Nestoil’s debt dispute
Nairametrics beforehand reported that the consortium includes Access Bank Plc, Zenith Bank Plc, Ecobank, African Export-Import Bank (Afreximbank), First Bank of Nigeria Limited, First City Monument Bank, United Bank for Africa Plc and Union Bank of Nigeria Plc.
The lenders mentioned in June 2026 that Nestoil’s total indebtedness had risen to roughly $1.084 billion and N469.43 billion, sustaining that the obligations remained excellent regardless of a number of makes an attempt to restructure the amenities.
According to the lenders, Nestoil had obtained a number of bilateral credit score amenities from the monetary establishments relationship again to 2010.
The amenities have been subsequently introduced underneath a restructuring association generally known as the “Global Club” after Nestoil proposed consolidating the bilateral loans to simplify the administration and reimbursement of its obligations. The restructuring turned efficient in 2023.
However, the lenders alleged that reimbursement defaults continued after the restructuring, with excellent reimbursement obligations at one stage reaching $240.51 million and N141.21 billion.
The dispute escalated considerably in October 2025 when a Federal High Court in Lagos granted a Mareva injunction freezing property, financial institution accounts and shares linked to Nestoil, its affiliate Neconde Energy Limited and their promoters throughout a number of Nigerian monetary establishments.
Court filings on the time put the alleged indebtedness at roughly $1.01 billion and N430 billion as of September 30, 2025.
- The courtroom additionally appointed Abubakar Sulu-Gambari, SAN, as receiver-manager and authorised him to take possession of recognized property.
- The enforcement of the order led to the sealing of Nestoil’s headquarters on Akin Adesola Street in Victoria Island, Lagos, by law enforcement officials.
- Nestoil subsequently maintained that it remained operational and described the matter as a business dispute being addressed via the courts.
- The authorized battle subsequently moved via the Federal High Court, Court of Appeal and Supreme Court, with the events contesting a number of points regarding the debt restoration course of, receivership and interim orders affecting Nestoil and Neconde.
In June 2026, the Supreme Court put aside interim preservative orders beforehand granted by the Court of Appeal and directed the events to return to the decrease courtroom to handle the substantive points within the dispute.
The consortium subsequently clarified that the Supreme Court determination didn’t extinguish Nestoil’s indebtedness or invalidate the underlying debt restoration course of.
The newest $40 million, which brings total fee to $60 million, subsequently represents one of the crucial vital publicly recognized money recoveries from Nestoil for the reason that dispute escalated.
