EFCC-facilitated Nestoil debt recovery hits $100m as Firm pays additional $40m

By Diden Abigail Owuntarose

The Economic and Financial Crimes Commission (EFCC) has facilitated the recovery of an additional $40 million from Nestoil Limited under an ongoing debt repayment arrangement, bringing the total amount paid to a consortium of lenders to $100 million.

The latest payment was made on October 19, 2026, following an earlier $60 million payment reported in August.

The recovery forms part of a structured repayment arrangement involving Nestoil, its affiliate Neconde Energy Limited and a consortium of financial institutions.

The arrangement was reached following a meeting chaired by EFCC Chairman, Olanipekun Olukoyede, as the commission intervened in the dispute over outstanding financial obligations owed to the lenders.

The lenders welcomed the latest payment, describing it as progress towards recovering the outstanding debt. They also pledged to continue working with the EFCC and other relevant stakeholders to ensure that the remaining obligations are settled in accordance with the agreed terms and applicable laws.

However, the recovery process remains ongoing, with a significant portion of the outstanding indebtedness yet to be repaid.

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The dispute involves loans obtained by Nestoil and Neconde from several financial institutions. The lenders have previously alleged that the companies defaulted on repayment obligations despite earlier restructuring arrangements.

The matter has also been the subject of prolonged legal proceedings involving the companies, their lenders and court-appointed receivership arrangements.

In June 2026, the Supreme Court set aside certain interim orders issued by the Court of Appeal concerning the companies’ assets and directed the parties to return to the lower court to address outstanding procedural issues. The ruling did not, by itself, resolve all the substantive questions surrounding the debt dispute.

The EFCC’s intervention has focused on facilitating repayment and protecting the interests of the affected financial institutions and their stakeholders.

The commission’s media department could not be reached for comment on the latest payment.

The additional $40 million brings cumulative payments under the arrangement to $100 million, although the parties have yet to conclude the repayment process.

Further developments are expected as Nestoil and the lenders continue implementing the agreed repayment framework