The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has led a major breakthrough in the Commission’s ongoing investigation into the alleged criminal aspects of transactions involving Nestoil Limited and a consortium of its lenders.
At a meeting convened and chaired by the EFCC Chairman, a
structured repayment plan was agreed between Nestoil Limited and the consortium
of lenders as part of efforts to recover outstanding indebtedness. The
agreement has already yielded significant results, with US$60 million recovered
from Nestoil Limited and paid to the consortium during the course of the
investigation.
The payment by Nestoil, facilitated by a team of operatives
from the EFCC Lagos Zonal Directorate 2 led by the Head of Investigation, Mr.
Oguzi Moses, represents a significant milestone in the Commission’s commitment
to promoting accountability, protecting the interests of financial
institutions, and safeguarding depositors’ funds.
While welcoming the payment as an encouraging development,
the consortium of lenders noted that it represents only the first phase of the
repayment process, as a substantial portion of the outstanding debt remains to
be settled. The lenders reaffirmed their commitment to working closely with the
EFCC and other relevant stakeholders to ensure the seamless continuation of the
recovery process until the outstanding indebtedness is fully liquidated.
The lenders also reiterated their commitment to supporting
the EFCC by providing all relevant documents required for the diligent
prosecution of the investigation, while ensuring that all parties comply with
the law and that the recovery process remains lawful, transparent, and
commercially responsible.
The EFCC reaffirmed its resolve to pursue the investigation
to its logical conclusion and to ensure the full recovery of depositors’ funds
in accordance with the law.
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