The Economic and Financial Crimes Commission’s Lagos Zonal Directorate 2 has recovered an additional 40 million United States dollars in its ongoing investigation involving Nestoil Limited, Neconde Energy Limited and a consortium of lenders. The latest recovery, made on 19 October 2026, brings the total amount recovered to 100 million dollars.
This follows an earlier recovery of 60 million dollars, which was reported on 17 August 2026. Both payments form part of a structured repayment arrangement reached after a meeting chaired by the Executive Chairman of the Commission, Mr Ola Olukoyede. The arrangement established a framework for the orderly repayment of outstanding indebtedness, subject to the terms agreed by the parties and applicable laws.
The consortium of lenders has welcomed the development. They described the recovery as a significant step that protects the interests of depositors and supports the stability of the financial system. The Commission’s intervention has focused on facilitating the recovery of outstanding obligations while safeguarding depositors’ funds in the affected banks.
The investigation by the Lagos Zonal Directorate 2 continues. Further payments are expected under the agreed repayment framework as the parties work towards the full settlement of the outstanding obligations.
The recovery represents continued progress in resolving the longstanding financial dispute between Nestoil Limited, its affiliate Neconde Energy Limited, and the lenders.
By John James
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