Nestoil, Neconde Reject EFCC’s Alleged $60m Recovery

Nestoil, Neconde Reject EFCC’s Alleged $60m Recovery

Nestoil Limited and Neconde Energy Limited have rejected reports that the Economic and Financial Crimes Commission EFCC recovered US$60 million from Nestoil, describing the claim as false, malicious and sponsored.The companies, in a rejoinder published on August 18, 2026, said reports published across several newspapers on August 17 alleging that the EFCC had recovered $60 million in an ongoing investigation were part of a coordinated paid campaign allegedly sponsored by a lender involved in their commercial dispute.

Nestoil and Neconde said an EFCC meeting held on July 8, 2026, was purely conciliatory and aimed at resolving outstanding commercial issues between the companies and their lenders. They said the meeting was attended by senior lawyers, financial advisers and representatives of the lenders and was not a criminal interrogation or summons. According to the companies, the parties subsequently agreed to document the outcome of the meeting in a Memorandum of Understanding MOU, with discussions on the document ongoing.

They also alleged that one of the lenders was behind the media publications and accused it of attempting to undermine efforts toward an amicable settlement. Nestoil and Neconde said the publications constituted a setback to the resolution process.

The companies further cited recent Supreme Court decisions involving Neconde and FBNQuest Merchant Bank, which they said had set aside orders obtained by lenders and removed legal impediments affecting their operations. Nestoil and Neconde categorically denied allegations of criminality or crime-related recoveries, maintaining that the dispute with their lenders remains fundamentally commercial. The rejection comes a day after reports attributed to the EFCC said a structured repayment arrangement involving Nestoil and its lenders had yielded $60 million in payments during an investigation. The conflicting accounts have placed the reported $60 million payment and the nature of the EFCC’s involvement at the centre of the ongoing dispute between Nestoil, Neconde and their lenders.