EFCC Returns ₦140m Recovered From Alleged Loan Diversion to Lagos Firm

The Economic and Financial Crimes Commission has returned ₦140 million recovered during an investigation into an alleged loan diversion involving Lagos-based investment and money-lending firm B4 Sail Limited. The company alleged that a borrower obtained loan facilities totalling ₦1.065 billion, using shares as collateral. Investigators said the shares were later sold without the lender’s knowledge, leaving the borrower in default. According to the EFCC, the outstanding loan and accrued interest rose to about ₦2.25 billion. The agency handed over the recovered ₦140 million in bank drafts to a representative of the company and said recoveries would be returned to legitimate owners in line with due process.

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