EFCC Recovers $60m from Nestoil in Debt Investigation Led by Olukoyede
The Economic and Financial Crimes Commission (EFCC) has recovered US$60 million from Nestoil Limited, controlled by businessman Ernest Azudialu-Obiejesi, as part of an ongoing investigation into transactions involving the company and a consortium of lenders.
The recovery followed a meeting convened and chaired by EFCC Chairman, Olanipekun Olukoyede, where Nestoil and the lenders agreed on a structured repayment plan to address the company’s outstanding indebtedness.
The EFCC said the payment was facilitated by operatives of its Lagos Zonal Directorate 2, led by the Head of Investigation, Oguzi Moses.
According to the Commission, the development represents a significant step in its efforts to promote financial accountability, protect financial institutions and safeguard depositors’ funds.
Lenders say $60m is only the beginning
The consortium welcomed the payment but stressed that it represents only the first stage of the recovery process.
A substantial portion of the alleged outstanding debt remains unpaid, and the lenders said they would continue working with the EFCC and other relevant stakeholders until the full amount is recovered.
They also pledged to provide documents and other information required by investigators to ensure that the investigation and recovery process remain lawful, transparent and commercially responsible.
The EFCC, meanwhile, said it would continue its investigation to its logical conclusion and pursue the full recovery of funds in accordance with the law.
Court battle produced no recovery
The $60 million recovery comes after months of litigation between Nestoil, its affiliates and the consortium of lenders.
In October 2025, Justice Dehinde Dipeolu of the Federal High Court in Lagos granted an ex parte order restricting Nestoil, Neconde Energy and their owners, Ernest and Nnenna Azudialu-Obiejesi, from accessing funds, shares and assets held across more than 20 banks and financial institutions.
The order also authorised First Trustees Limited and FBNQuest Merchant Bank Limited, acting on behalf of the lenders, to take possession of Nestoil’s assets under receivership.
The Court of Appeal subsequently issued interim orders in November 2025, including restrictions on the couple’s personal accounts and protections for the receiver-manager.
Nestoil and Neconde appealed the decisions.
On June 1, 2026, however, a five-member panel of the Supreme Court set aside the relevant Court of Appeal orders.
In the lead judgment, Justice Stephen Jonah Adah held that the Court of Appeal had exceeded its jurisdiction by granting the ex parte application in circumstances where the matter was not properly before it.
The Supreme Court’s decision was based on procedural and jurisdictional issues. It did not determine whether Nestoil owed the alleged debt.
The parties were instead directed back to the Federal High Court to pursue the substantive dispute.
Lenders dispute interpretation of Supreme Court ruling
Following the Supreme Court judgment, reports described the ruling as a major victory for Azudialu-Obiejesi and Nestoil.
The lenders, however, rejected that interpretation.
They described the outcome as a “pyrrhic victory”, arguing that the judgment did not establish that Nestoil and Neconde were free from their alleged financial obligations.
The consortium put the outstanding indebtedness at $1.084 billion and N469.426 billion, arising from a common terms agreement.
The lenders maintained that the recovery process was still ongoing.
$60m recovery changes the picture
The sequence of events has created a striking contrast between the lengthy court battle and the eventual recovery negotiated through the EFCC.
For several months, the lenders pursued legal measures aimed at protecting and recovering assets. Those proceedings resulted in orders that were eventually set aside on jurisdictional grounds.
The EFCC’s intervention, however, produced a structured repayment agreement and an initial $60 million payment.
The development does not resolve the wider dispute or establish that the entire alleged debt has been recovered.
It does, however, mark the first significant recovery announced in connection with the matter.
Who are the lenders?
The consortium is led by FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank.
Other members reportedly include Citibank Nigeria Limited, Central Securities and Clearing Systems Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, Globus Bank Limited, Keystone Bank Limited, OPay Limited, Polaris Bank Limited, Providus Bank Limited and Stanbic IBTC Bank Limited.
Who is Ernest Azudialu-Obiejesi?
Ernest Azudialu-Obiejesi founded Nestoil in 1991 after starting his business career in trading in 1983 under the name Obijackson.
Nestoil is part of the Obijackson Group, which also includes upstream oil company Neconde Energy. The group employs more than 3,000 Nigerians, according to the information provided.
Neconde holds a 45 per cent interest in Oil Mining Lease 42, while Nigerian National Petroleum Company Exploration and Production Limited holds the remaining 55 per cent.
A separate legal dispute involving Neconde remains before the Supreme Court in case SC/CV/48B/2026.
The matter concerns the Court of Appeal’s decision relating to counsel chosen by Neconde. The Supreme Court heard arguments in the case and reserved judgment.
EFCC highlights asset-recovery record
The latest recovery also comes as the EFCC under Olukoyede continues to make asset recovery a major part of its anti-corruption strategy.
The Commission has reported substantial monetary recoveries and forfeitures of non-monetary assets during his tenure.
For the Nestoil matter, however, the $60 million represents only the first phase of the repayment arrangement, with the lenders insisting that significant obligations remain outstanding.
The EFCC said it would continue pursuing the investigation and recovery process until the outstanding issues are resolved in accordance with the law.
