The Economic and Financial Crimes Commission has recorded a major breakthrough in its criminal investigation into the financial dealings between indigenous energy giant Nestoil Limited and a syndicate of creditor banks.
Under the direct intervention of Executive Chairman Mr. Olanipekun Olukoyede, the anti-graft agency facilitated a structured debt repayment agreement, resulting in the immediate recovery and transfer of US$60 million to the affected financial institutions.
​The recovery followed high-level mediation sessions convened by Mr. Olukoyede and executed through the EFCC Lagos Zonal Directorate 2, where Head of Investigation Mr. Oguzi Moses spearheaded the operational efforts.
Commission officials noted that while civil debt litigations remain before the courts, the EFCC stepped in to investigate criminal allegations surrounding fund diversions, protecting the stability of Nigeria’s financial system and safeguarding depositors’ equity.
​This development intervenes in a protracted multi-year legal battle tracing back to bilateral facilities extended to Nestoil by eight commercial lenders since 2010. Following a series of defaults, the loans were restructured under a global club arrangement in 2023, though subsequent non-compliance triggered widespread litigation.
In a joint reaction on August 17, 2026, the consortium of bank lenders welcomed the $60 million recovery as a positive first step, confirming it represents Phase 1 of a broader repayment scheme toward fully liquidating Nestoil’s remaining exposure.
Lenders reaffirmed their commitment to supporting Mr. Oguzi Moses and his team with necessary documentation as the EFCC continues its probe to ensure complete recovery.
