Nigeria, Sept. 19 -- The Economic and Financial Crimes Commission (EFCC) has recovered N140 million allegedly obtained fraudulently from a loan and investment company through a suspected loan scam.

The Acting Zonal Director, Lagos Zonal Directorate, Bawa Kaltungo, handed over the money to the company, B4 Sail Limited, on Thursday, a statement by the commission disclosed on Friday.

The statement said the money was handed over in bank drafts by Mr Kaltungo.

The anti-graft agency said the recovery followed investigations into an alleged case of "obtaining money by false pretence and diversion of funds involving one Jacob Oyebola Esan and companies linked to him."

EFCC said it received a petition from B4 Sail Limited in April alleging Mr ...