# Nestoil, Neconde Debt Recovery Hits $100m After Fresh $40m Payment
**By John Akubo, Abuja**
The recovery of debts owed to a consortium of lenders by Nestoil Limited and Neconde Energy Limited has reached $100 million after the Economic and Financial Crimes Commission (EFCC) secured an additional $40 million payment.
The latest recovery, reportedly made on October 19, follows an earlier $60 million payment in August under a structured repayment arrangement involving the companies and their lenders.
The arrangement emerged from a meeting chaired by EFCC Executive Chairman Olanipekun Olukoyede as the commission pursued the recovery of outstanding obligations owed to the financial institutions.
The lenders welcomed the additional payment, describing it as progress towards settling the debt and pledging continued cooperation with the EFCC and other stakeholders.
Despite the cumulative $100 million recovery, a substantial portion of the outstanding debt remains unpaid, leaving the repayment process ongoing.
The EFCC’s media department could not be reached for comment on the latest recovery at the time of the report.
