Nigeria, Oct. 28 -- The Economic and Financial Crimes Commission (EFCC) intervention in the debt settlement dispute between local energy firm Nestoil Limited and a consortium of lenders has yielded further positive results, with the company paying an additional $40 million to the creditors.

The fresh payment on 19 October brought the total paid to the lenders so far to $100 million, people familiar with the matter told PREMIUM TIMES.

It marks major progress in the structured repayment plan Nestoil and the lenders agreed to at a meeting earlier organised by the EFCC, which yielded an initial payment of $60 million from the oil firm to the banks.

The agreement set out a framework for repaying the outstanding debt, based on the parties' a...