Nestoil pays $40 million more to lenders after EFCC steps in
Nestoil Limited has paid an extra $40 million to its creditors after the EFCC's involvement. This payment is part of a larger debt repayment plan.
The Economic and Financial Crimes Commission (EFCC) has helped resolve the debt issue between Nestoil Limited and a group of lenders. Nestoil has now paid an extra $40 million to its creditors.
This new payment on 19 October brings the total amount paid to $100 million so far, according to sources close to the situation.
This is a big step forward in the repayment plan that Nestoil and the lenders agreed on during a meeting arranged by the EFCC. This meeting led to an initial payment of $60 million from Nestoil to the banks.
The agreement outlines how the remaining debt will be repaid, following the terms both sides accepted and the relevant laws.
The EFCC's involvement focuses on some financial transactions related to Nestoil, its partner Neconde Energy Limited, and the banks.
The lenders have welcomed this latest payment as an important and positive sign. They have also confirmed their readiness to keep working with the EFCC and other parties to ensure the debt is fully settled.
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