The Economic and Financial Crimes Commission (EFCC) has recovered $60 million for lenders to Nestoil as part of an ongoing investigation into the oil company’s outstanding debts.
The recovery followed a meeting facilitated by the anti-graft agency, during which Nestoil and a consortium of banks reached an agreement on a structured repayment plan.
The development is part of the EFCC’s efforts to address the financial dispute and ensure that outstanding obligations to the affected lenders are resolved.
Under the agreement, Nestoil is expected to repay its debts according to an agreed structure, providing a framework for the recovery of funds owed to the banks.
The $60 million recovery represents a significant development in the investigation and offers relief to the lenders involved in the dispute.
The EFCC is expected to continue monitoring the repayment arrangement as the investigation into the debt remains ongoing.
