The Economic and Financial Crimes Commission (EFCC) has facilitated the payment of $60 million recovered from Nestoil Limited to a consortium of creditor banks, marking a major step in efforts to resolve the company’s outstanding debt.

The payment followed a repayment agreement reached between Nestoil and its lenders at a meeting convened by EFCC Chairman, Olanipekun Olukoyede, as the Commission intensifies its investigation into the financial transactions at the centre of the dispute.

According to the Economic and Financial Crimes Commission (EFCC), the $60 million represents the first phase of the repayment arrangement, with a significant balance still outstanding. The recovery was facilitated by operatives of the EFCC’s Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.

For the creditor banks, the payment is a welcome development but not the end of the road. The consortium said it remains committed to working with the EFCC and other stakeholders to ensure that the remaining debt is recovered and the repayment process is completed.

The lenders have also agreed to continue providing documents and other relevant information to assist the Commission in its investigation, while stressing the need for the process to remain lawful, transparent and commercially responsible.

The EFCC, meanwhile, said it would continue with the investigation and pursue the recovery of the remaining funds in accordance with the law.

The latest development underscores the Commission’s growing focus on recovering funds tied up in major financial disputes, while protecting the interests of banks and, ultimately, their depositors.