Anti-graft agency flexes muscle as troubled oil firm coughs up millions to settle creditor claims
In a dramatic show of force, the Economic and Financial Crimes Commission (EFCC) has wrestled $60 million from embattled oil giant Nestoil Limited and handed it straight to the company’s creditor banks.
EFCC Chairman Olanipekun Olukoyede personally brokered the high-stakes showdown, bringing Nestoil and its lender consortium to the negotiating table. The result? A structured repayment plan that’s already fattening bank accounts to the tune of $60 million—and the investigation is far from over.
The recovery comes amid an ongoing probe into alleged criminal dealings surrounding Nestoil’s transactions with its financial backers.
