EFCC Recovers $60 Million in Ongoing Investigation Into Nestoil Transactions

The Economic and Financial Crimes Commission (EFCC) has recovered $60 million from Nestoil Limited as part of an ongoing investigation into the alleged criminal aspects of transactions involving the oil company and a consortium of its lenders.

The recovery followed a meeting convened and chaired by EFCC Chairman Olanipekun Olukoyede, where Nestoil Limited and its consortium of lenders agreed on a structured repayment plan to address outstanding indebtedness.

According to reports published on Monday, August 17, 2026, the agreed arrangement has already produced a significant result, with $60 million paid by Nestoil to the lending consortium during the course of the investigation.

The EFCC said the payment was facilitated by operatives from its Lagos Zonal Directorate 2, led by Oguzi Moses, the director in charge of the investigation. The commission described the recovery as an important development in its efforts to promote accountability and protect the interests of financial institutions and depositors.

The recovery, however, does not represent the settlement of the entire financial obligation under investigation. The consortium of lenders reportedly stated that the $60 million payment constitutes only the first phase of the repayment process.

A substantial portion of the outstanding indebtedness remains to be settled, according to the lenders, who reaffirmed their willingness to continue working with the EFCC and other relevant stakeholders until the recovery process is completed.

The lenders also pledged to provide documents and other relevant information required by the anti-graft agency as it continues its investigation. They stressed the importance of ensuring that the recovery process remains lawful, transparent and commercially responsible.

The Nestoil investigation has attracted considerable attention because of the size of the financial obligations involved and the wider legal disputes surrounding companies linked to the Nestoil Group. In April 2026, a Federal High Court in Abuja vacated earlier ex parte orders that had restrained the EFCC from investigating Amaranta Oil and Gas Development Limited and Jones Creek Hydrocarbon Limited, both affiliated with the group.

Earlier in March, another Federal High Court order had directed the EFCC not to disrupt the operations of Jones Creek Hydrocarbon Limited or freeze its accounts. Jones Creek is the technical operator of Oil Mining Lease 42, a joint venture involving the Nigerian government and other interests associated with the Nestoil Group.

The latest $60 million recovery therefore marks a fresh development in the financial investigation, while the EFCC maintains that its probe is still ongoing. The commission has pledged to pursue the matter to its logical conclusion and ensure further recovery of funds in accordance with the law.