Nigeria: EFCC Recovers $60 Million for Nestoil Lenders in Ongoing Debt Investigation

What the report says

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has helped secure a partial recovery of $60 million in a debt dispute involving indigenous oil and gas firm Nestoil Limited and a consortium of lenders, according to Premium Times, which published the report on 17 August 2026 from Abuja. The recovery came after meetings facilitated by EFCC Chairman Olanipekun Olukoyode and follow-up work by investigators in the agency’s Lagos zonal directorate.

The report says Nestoil and the banks agreed to a structured repayment plan, and that the lenders received the money as an initial stage in a broader effort to recover outstanding debt. People familiar with the matter told Premium Times that the amount recovered so far is not the full obligation, and that a significant balance remains unpaid. EFCC officials did not publicly comment on the development in the article, although an unnamed agency source said the matter had economic implications for Nigeria.

The case sits within a wider and long-running legal and financial conflict between Nestoil, its affiliate Neconde Energy, and several banks, including FBN Quest Merchant Bank and First Trustees Limited. Premium Times said the lenders have been trying to recover more than $1 billion and N430 billion they allege is owed. The dispute has already moved through multiple court proceedings, including decisions affecting asset freezes and receivership orders. The latest payment may ease tensions, but it appears to be only a partial step toward resolving a complex debt exposure that has affected lenders’ balance sheets.