The Economic and Financial Crimes Commission (EFCC) has facilitated the recovery of $60 million from Nestoil Limited, with the funds paid to a consortium of lenders as part of efforts to resolve the oil and gas company’s outstanding indebtedness.
The recovery followed a structured repayment arrangement reached between Nestoil and the consortium of lenders, with the EFCC facilitating the process amid its ongoing investigation into transactions involving the company and its creditors.
What you should know
The development is part of efforts to address Nestoil’s outstanding obligations to a consortium of lenders through a structured repayment arrangement.
The agreement was reached after an intervention led by the EFCC Chairman, Ola Olukoyede, who convened and chaired a meeting involving Nestoil and the consortium of lenders.
The $60 million payment represents the first phase of the repayment process, with a substantial portion of the outstanding debt still unresolved.
What they are saying
According to sources familiar with the matter, Olukoyede brought Nestoil and the consortium of lenders together to agree on a structured approach to settling the outstanding obligations.
The arrangement has already resulted in the recovery and payment of $60 million to the lenders.
Sources said the repayment process is expected to continue, with approximately $40 million anticipated in the next tranche.
However, the latest payment does not represent a full settlement of Nestoil’s outstanding indebtedness, as a significant portion of the debt remains unpaid.
The EFCC’s intervention forms part of its broader efforts to resolve financial obligations arising from transactions under investigation while facilitating recovery for affected creditors.
