The Economic and Financial Crimes Commission has secured another $40 million from Nestoil Limited in connection with an ongoing investigation involving the oil and gas company, its affiliate Neconde Energy Limited and a consortium of lenders. With this remittance, total recoveries under a structured repayment arrangement now stand at $100 million.
The lenders confirmed that the latest payment was made on October 19, 2026. It follows an earlier $60 million payment reported on August 17, 2026. The consortium described the new recovery as a significant step toward recovering outstanding obligations, while noting that a substantial portion of Nestoil's indebtedness remains unpaid.
The repayment arrangement was reached at a meeting chaired by EFCC Chairman Olanipekun Olukoyede. It establishes a framework for the orderly settlement of the outstanding debt in line with terms agreed by the parties and applicable law.
The lenders said the recovery carries implications beyond the funds involved, citing its potential effect on the stability and integrity of Nigeria's financial 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," they stated.
The consortium consists of 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.
In June 2026, the lenders put Nestoil's total indebtedness at approximately $1.084 billion and N469.43 billion. They said Nestoil obtained several bilateral credit facilities from the institutions from 2010, and the loans were later consolidated under a restructuring arrangement known as the "Global Club," which became effective in 2023. Defaults allegedly continued after the restructuring, with outstanding repayment obligations at one stage reaching $240.51 million and N141.21 billion.
The dispute escalated in October 2025 when a Federal High Court in Lagos granted a Mareva injunction freezing assets, bank accounts and shares linked to Nestoil, Neconde Energy Limited and their promoters. Court filings at the time estimated the alleged indebtedness at about $1.01 billion and N430 billion as of September 30, 2025.
