The Economic and Financial Crimes Commission (EFCC) is trending across financial and corporate news outlets after recovering $60 million from indigenous oil firm Nestoil Limited on behalf of a consortium of commercial creditor banks.
The recovery followed an intervention led by EFCC Executive Chairman, Olanipekun Olukoyede, alongside the Lagos Zonal Directorate, bringing together Nestoil executives and impacted financial institutions—including First Bank, Access Bank, and UBA—to resolve a protracted debt dispute.
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According to the commission, the $60 million represents the initial tranche of a structured repayment framework designed to recover significant outstanding liabilities tied to non-performing oil sector loans.
The anti-graft agency waded into the matter to mitigate financial risk across Nigeria's banking sector.
Sources: The Guardian Nigeria, Premium Times
#EFCC #Nestoil #DebtRecovery #NigeriaBanking #OilAndGas #FinancialNews
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