EFCC recovers $60 million for Nestoil lenders in ongoing debt investigation
Nigeria's Economic and Financial Crimes Commission said it has recovered $60 million for lenders owed money by energy firm Nestoil. The agreement was reached at a meeting facilitated by the EFCC, where Nestoil and a consortium of banks agreed to a structured debt repayment plan. The recovery forms part of a broader ongoing debt investigation.
Nigeria's Economic and Financial Crimes Commission announced it has recovered $60 million for lenders owed money by energy company Nestoil. The agreement was reached at a meeting facilitated by the agency.
At the meeting, Nestoil and a consortium of banks agreed to a structured debt repayment plan. The step is seen as progress toward resolving a long-running dispute over the company's outstanding financial obligations.
The recovery is part of a broader debt investigation being carried out by the EFCC. The agency said it continues to act as a mediator between companies and banks in similar cases to help protect lenders' interests.
Read next
Casas Bahia files for judicial recovery after record quarterly loss
Brazilian retail giant Grupo Casas Bahia filed for judicial recovery on Sunday, days after reporting a record quarterly loss. The size of the debt at the center of the case has not been disclosed. The filing marks a major escalation in the retailer's long-running financial troubles.
Argentina household loan arrears hit 17.5%, government rules out intervention
JPMorgan Chase nears $1 trillion market cap, top analyst says $2 trillion is next
Mastercard outage reported due to 'global' issue
