A police truck in front of Nestoil office :File Photo
By Victory Oghene
The Economic and Financial Crimes Commission (EFCC), has recovered a whopping sum of $60 million from Nestoil Limited and transferred same to a consortium of its lenders
The recovery was led by the EFCC chairman, Mr. Olanipekun Olukoyede
At a meeting convened and chaired by the EFCC Chairman, a structured repayment plan was agreed between Nestoil Limited and the consortium of lenders as part of efforts to recover outstanding indebtedness. The agreement has already yielded significant results, with US$60 million recovered from Nestoil Limited and paid to the consortium during the course of the investigation.
The payment by Nestoil, facilitated by a team of operatives from the EFCC Lagos Zonal Directorate 2 led by the Head of Investigation, Mr. Oguzi Moses, represents a significant milestone in the Commission’s commitment to promoting accountability, protecting the interests of financial institutions, and safeguarding depositors’ funds.
While welcoming the payment as an encouraging development, the consortium of lenders noted that it represents only the first phase of the repayment process, as a substantial portion of the outstanding debt remains to be settled.
The lenders reaffirmed their commitment to working closely with the EFCC and other relevant stakeholders to ensure the seamless continuation of the recovery process until the outstanding indebtedness is fully liquidated.
The lenders also reiterated their commitment to supporting the EFCC by providing all relevant documents required for the diligent prosecution of the investigation, while ensuring that all parties comply with the law and that the recovery process remains lawful, Nigerian banks take over Nestoil over $1bn debt
It would be recalled that the banks had taken over and placed Nestoil Limited under receivership over alleged debt amounting to $1 billion.
This development led to the Nigeria Police Force sealing off the corporate headquarters of Nestoil Limited in Victoria Island, Lagos.
Also recall that the Federal High Court had on October 22, 2025, issued an order of Mareva authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to take over the company’s assets.
Justice D. I. Dipeolu issued the injunction against the defendants — Nestoil Limited and its affiliate, Neconde Energy Limited, as well as Ernest Azudialu-Obiejesi and Nnenna Obiejesi, the principal promoters.
Also listed as “affected parties” in the suit are Citibank Limited, Central Securities and Clearing Systems Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited and Stanbic IBTC Bank Limited.
Others are Standard Chartered Bank Nigeria, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank Plc, Wema Bank Plc, Gobowen Exploration and Production Limited, Hammakopp Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited and White Dove Shipping Co Ltd.
The court injunction mandates that all the listed banks are to freeze the assets of the defendants while the substantive case will be heard.
Justice Dipeolu restrained dealings in the sum of $1,012,608,386.91 and N430,014,064,380.77—the total indebtedness as of September 30, 2025.
Also there were other debts personally guaranteed by Azudialu-Obiejesi, with over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.
