The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has recovered an additional $40 million for a consortium of lenders in its ongoing investigation involving Nestoil Limited and Neconde Energy Limited.
The latest recovery, made on Monday, October 19, 2026, brings the total amount recovered through the investigation and ongoing repayment process to $100 million.
It follows an earlier recovery of $60 million, which was reported on Monday, August 17, 2026.
Although the EFCC’s media department could not be reached for comments on the latest recovery, the lenders described the additional payment as a significant step forward in the recovery process.
The investigation centres on certain financial transactions involving Nestoil Limited, Neconde Energy Limited and a consortium of lenders. The EFCC’s intervention has focused, among other objectives, on facilitating the recovery of outstanding debts owed to the lenders while protecting the interests of depositors in the affected banks.
Following a meeting chaired by EFCC Executive Chairman Olanipekun Olukoyede, Nestoil and the consortium of lenders reached a structured repayment arrangement. The agreement established a framework for the orderly settlement of the outstanding debt, subject to the terms agreed by the parties and applicable laws.
The first instalment of $60 million was subsequently paid to the lenders, while the latest $40 million payment brings the cumulative recovery under the arrangement to $100 million.
The consortium has welcomed the latest payment, describing it as an encouraging development in the recovery process. The lenders also reaffirmed their commitment to continued cooperation with the EFCC and other relevant stakeholders to ensure the full recovery of the outstanding obligations.
According to the lenders, the recovery is significant not only because of the amount involved but also because of its potential implications for the stability and integrity of Nigeria’s financial system.
They noted that recovering funds owed to financial institutions helps protect the interests of lenders, depositors and other legitimate stakeholders whose funds are deployed within the financial system.
Despite the cumulative recovery of $100 million, the process remains ongoing, as a significant portion of the outstanding debt is yet to be settled under the agreed repayment plan.
The lenders commended the EFCC for exercising its investigative powers professionally and diligently in line with its statutory mandate, with the broader aim of safeguarding Nigeria’s financial system and strengthening public confidence in the fight against economic and financial crimes.