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.
This is according to sources with knowledge of the transaction who spoke to Nairametrics.
The payment followed a structured repayment arrangement between Nestoil and the consortium of lenders, facilitated by the EFCC as part of its ongoing investigation into transactions between the company and its creditors.
Nairametrics understands that EFCC Chairman Mr. Ola Olukoyede convened and chaired a meeting involving Nestoil and the consortium of lenders, during which the parties agreed on a structured repayment plan for the outstanding debt.
The agreement has already resulted in the recovery of $60 million from Nestoil, which has been paid to the consortium.
However, sources said the payment represents only the first phase of the repayment process, as a substantial portion of the debt remains outstanding. Sources indicated that an estimated $40 million is expected to be received in the next tranche.
Sources familiar with the development told Nairametrics that the recovery was facilitated by operatives of the EFCC’s Lagos Zonal Directorate 2 as part of the Commission’s investigation into the alleged criminal aspects of transactions involving Nestoil and its lenders.
- The development represents a significant turn in a debt dispute that has been the subject of extensive litigation, receivership proceedings and regulatory scrutiny over the past year.
- The consortium is understood to have welcomed the $60 million payment while maintaining that the amount represents only a fraction of the outstanding indebtedness.
- The lenders are expected to continue working with the EFCC and other relevant stakeholders on the recovery process until the outstanding obligations are settled.
Sources also said the lenders have committed to providing relevant documentation required by the EFCC as the investigation continues.
The EFCC is expected to continue investigating the circumstances surrounding the facilities and the subsequent defaults even as the repayment process progresses.
