The Financial and Monetary Crimes Fee (EFCC) has recovered an extra $40 million from Nestoil Restricted in an ongoing investigation involving the oil and fuel corporate, its associate Neconde Power Restricted and a consortium of lenders, bringing general recoveries underneath a reimbursement association to $100 million.
In keeping with the lenders, the most recent fee was once made on October 19, 2026. This adopted an previous $60 million fee reported by Nairametrics on August 17, 2026.
The lenders described the most recent restoration as an important step in opposition to getting better remarkable tasks owed by way of Nestoil, even if 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 way of EFCC Chairman, Olanipekun Olukoyede, as a part of efforts to get to the bottom of the dispute and facilitate reimbursement to the monetary establishments.
The settlement supplied a framework for the orderly reimbursement of the phenomenal indebtedness, topic to the phrases agreed by way of the events and the acceptable rules.
The lenders stated they welcomed the most recent fee as an important and inspiring building within the restoration procedure.
They’ve additionally reaffirmed their dedication to persevered cooperation with the EFCC and different related stakeholders in opposition to making sure the total restoration of exceptional tasks.
In keeping with them, the restoration is vital no longer simplest from the point of view of the budget concerned but in addition as a result of its attainable have an effect on at the balance and integrity of Nigeria’s monetary machine.
- “The restoration of budget owed to monetary establishments in the long run serves to offer protection to the pursuits of lenders, depositors and different professional stakeholders whose budget are deployed within the monetary machine,” the lenders said.
Whilst the cumulative US$100 million US greenbacks restoration represents really extensive development, the restoration procedure isn’t but concluded, as a good portion of the phenomenal indebtedness continues to be settled based on the agreed reimbursement plan.
The lenders stated they continue to be dedicated to running with the EFCC and different related stakeholders to make sure that the rest tasks are settled underneath the agreed reimbursement plan.
Background to Nestoil’s debt dispute
Nairametrics up to now reported that the consortium incorporates Get right of entry to Financial institution Plc, Zenith Financial institution Plc, Ecobank, African Export-Import Financial institution (Afreximbank), First Financial institution of Nigeria Restricted, First Town Monument Financial institution, United Financial institution for Africa Plc and Union Financial institution of Nigeria Plc.
The lenders stated in June 2026 that Nestoil’s total indebtedness had risen to roughly $1.084 billion and N469.43 billion, keeping up that the tasks remained remarkable in spite of a number of makes an attempt to restructure the amenities.
In keeping with the lenders, Nestoil had received a number of bilateral credit score amenities from the monetary establishments courting again to 2010.
The amenities have been therefore introduced underneath a restructuring association referred to as the “International Membership” after Nestoil proposed consolidating the bilateral loans to simplify the management and reimbursement of its tasks. The restructuring changed into efficient in 2023.
Then again, the lenders alleged that reimbursement defaults persevered after the restructuring, with remarkable reimbursement tasks at one level achieving $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 assets, bank accounts and shares linked to Nestoil, its associate Neconde Power Restricted and their promoters throughout a number of Nigerian monetary establishments.
Courtroom 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 permitted him to take ownership of recognized property.
- The enforcement of the order ended in the sealing of Nestoil’s headquarters on Akin Adesola Side road in Victoria Island, Lagos, by way of law enforcement officials.
- Nestoil therefore maintained that it remained operational and described the topic as a business dispute being addressed throughout the courts.
- The criminal struggle therefore moved throughout the Federal Top Courtroom, Courtroom of Enchantment and Preferrred Courtroom, with the events contesting a number of problems on the subject of the debt restoration procedure, receivership and meantime orders affecting Nestoil and Neconde.
In June 2026, the Preferrred Courtroom put aside meantime preservative orders up to now granted by way of the Courtroom of Enchantment and directed the events to go back to the decrease courtroom to handle the substantive problems within the dispute.
The consortium therefore clarified that the Preferrred Courtroom determination didn’t extinguish Nestoil’s indebtedness or invalidate the underlying debt restoration procedure.
The most recent $40 million, which brings general fee to $60 million, due to this fact represents some of the important publicly recognized money recoveries from Nestoil for the reason that dispute escalated.