Nigeria, Aug. 17 -- The Economic and Financial Crimes Commission, EFCC, has facilitated the recovery of $60 million from indigenous oil and gas company Nestoil Limited, with the funds paid to a consortium of lenders as part of an ongoing debt settlement process.

The payment followed discussions between Nestoil and its creditors aimed at resolving the company's long standing financial obligations. The process was coordinated by EFCC Chairman Ola Olukoyede, who chaired meetings between both sides on a structured repayment arrangement.

The News Chronicle reports that the $60 million represents the first phase of the agreed repayment plan, while another tranche of about $40 million is expected as the process continues. A substantial portio...