EFCC recovers additional $40m in Nestoil, Neconde debt probe

The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million for a consortium of lenders in its investigation involving Nestoil Limited and Neconde Energy Limited, bringing total recoveries to $100 million.

The latest recovery, made on October 19, 2026, follows an earlier payment of $60 million reported on August 17, as part of efforts to recover outstanding debts owed to the financial institutions.

The lenders described the latest payment as a “significant and encouraging development” in the recovery process, expressing confidence that continued cooperation with the EFCC and other stakeholders would help secure the outstanding funds.

The investigation, being handled by the EFCC’s Lagos Zonal Directorate 2, centres on financial transactions involving Nestoil, Neconde Energy and a consortium of lenders.

The commission’s intervention has focused, among other objectives, on facilitating the recovery of outstanding obligations while protecting the interests of depositors in the affected banks.

A structured repayment arrangement was reached following a meeting chaired by EFCC Chairman, Olanipekun Olukoyede, involving the parties.

The agreement established a framework for the orderly repayment of the outstanding indebtedness, subject to the terms agreed by the parties and applicable laws.

The first tranche of $60 million was subsequently paid to the lenders, while the additional $40 million has raised the cumulative recovery to $100 million.