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

The EFCC Chairman, Olanipekun Olukoyede, led efforts that resulted in a structured repayment agreement between Nestoil and the consortium of lenders to facilitate the recovery of outstanding indebtedness.

According to the Commission, the agreement has already yielded $60 million, which Nestoil paid to the consortium during the course of the investigation.

The payment was facilitated by operatives of the EFCC Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.

The Commission described the recovery as a significant milestone in its efforts to promote accountability, protect financial institutions and safeguard depositors’ funds.

The consortium of lenders welcomed the payment but noted that it represents only the first phase of the repayment process, with a substantial portion of the outstanding debt still to be settled.

The lenders reaffirmed their commitment to working with the EFCC and other relevant stakeholders to ensure the recovery process continues until the outstanding indebtedness is fully liquidated.

They also pledged to provide the EFCC with all relevant documents required to support the investigation and ensure that the recovery process remains lawful, transparent and commercially responsible.

The EFCC, meanwhile, reaffirmed its determination to pursue the investigation to its logical conclusion and ensure the full recovery of depositors’ funds in accordance with the law.