EFCC Recovers Another $40m From Nestoil as Total Repayment Reaches $100m

The Economic and Financial Crimes Commission has recovered an additional $40 million from Nestoil Limited, bringing total payments recovered under an agreed repayment arrangement to $100 million. The latest payment was made on October 19, 2026, following an earlier $60 million payment in August. The recovery relates to an ongoing debt dispute involving Nestoil, its affiliate Neconde Energy Limited and a consortium of lenders. The lenders said the payment is a major step towards settling Nestoil’s outstanding obligations, though a substantial balance remains unpaid. They said the repayment process was facilitated through an arrangement chaired by EFCC Chairman Olanipekun Olukoyede. The lenders, which include several Nigerian banks and Afreximbank, have previously put Nestoil’s indebtedness at about $1.084 billion and ₦469.43 billion. The dispute has moved through several courts, while the parties continue to pursue repayment under the agreed plan.

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