The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million from Nestoil Limited in an ongoing investigation involving the oil and fuel firm, its affiliate Neconde Energy Limited and a consortium of lenders, bringing total recoveries beneath a reimbursement association to $100 million.
According to the lenders, the newest cost was made on October 19, 2026. This adopted an earlier $60 million cost reported by Nairametrics on August 17, 2026.
The lenders described the newest restoration as a major step in direction of recovering excellent obligations owed by Nestoil, though 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 EFCC Chairman, Olanipekun Olukoyede, as a part of efforts to resolve the dispute and facilitate reimbursement to the monetary establishments.
The settlement offered a framework for the orderly reimbursement of the excellent indebtedness, topic to the phrases agreed by the events and the relevant legal guidelines.
The lenders stated they welcomed the newest cost as a major and inspiring growth within the restoration course of.
They have additionally reaffirmed their dedication to continued cooperation with the EFCC and different related stakeholders in direction of making certain the complete restoration of excellent obligations.
According to them, the restoration is important not solely from the angle of the funds concerned but in addition due to its potential impression on the soundness and integrity of Nigeria’s monetary system.
- “The recovery of funds owed to financial institutions ultimately serves to protect the interests of lenders, depositors and other legitimate stakeholders whose funds are deployed in the financial system,” the lenders said.
While the cumulative US$100 million US {dollars} restoration represents substantial progress, the restoration course of isn’t but concluded, as a good portion of the excellent indebtedness stays to be settled in accordance with the agreed reimbursement plan.
The lenders stated they continue to be dedicated to working with the EFCC and different related stakeholders to make sure that the remaining obligations are settled beneath the agreed reimbursement plan.
Background to Nestoil’s debt dispute
Nairametrics beforehand reported that the consortium contains Access Bank Plc, Zenith Bank Plc, Ecobank, African Export-Import Bank (Afreximbank), First Bank of Nigeria Limited, First City Monument Bank, United Bank for Africa Plc and Union Bank 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, sustaining that the obligations remained excellent regardless of a number of makes an attempt to restructure the services.
According to the lenders, Nestoil had obtained a number of bilateral credit score services from the monetary establishments relationship again to 2010.
The services had been subsequently introduced beneath a restructuring association generally known as the “Global Club” after Nestoil proposed consolidating the bilateral loans to simplify the administration and reimbursement of its obligations. The restructuring grew to become efficient in 2023.
However, the lenders alleged that reimbursement defaults continued after the restructuring, with excellent reimbursement obligations at one stage reaching $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 affiliate Neconde Energy Limited and their promoters throughout a number of Nigerian monetary establishments.
Court 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 authorised him to take possession of recognized property.
- The enforcement of the order led to the sealing of Nestoil’s headquarters on Akin Adesola Street in Victoria Island, Lagos, by cops.
- Nestoil subsequently maintained that it remained operational and described the matter as a business dispute being addressed by way of the courts.
- The authorized battle subsequently moved by way of the Federal High Court, Court of Appeal and Supreme Court, with the events contesting a number of points referring to the debt restoration course of, receivership and interim orders affecting Nestoil and Neconde.
In June 2026, the Supreme Court put aside interim preservative orders beforehand granted by the Court of Appeal and directed the events to return to the decrease courtroom to deal with the substantive points within the dispute.
The consortium subsequently clarified that the Supreme Court resolution didn’t extinguish Nestoil’s indebtedness or invalidate the underlying debt restoration course of.
The newest $40 million, which brings total cost to $60 million, due to this fact represents one of the vital vital publicly recognized money recoveries from Nestoil for the reason that dispute escalated.
