Nestoil Limited reportedly made another $40 million payment to lenders on Oct. 19, according to Premium Times, bringing the reported total to $100 million amid a dispute over how the debt talks are characterized.
Premium Times cited people familiar with the matter. A post on TheCable also carried a statement attributed to the lender consortium that gave the Oct. 19 date and said payments had reached $100 million.
The lenders’ statement said the latest installment followed an earlier $60 million payment and a meeting facilitated by Nigeria’s Economic and Financial Crimes Commission (EFCC). Nestoil and its affiliate, Neconde Energy Limited, said in August that the July 8 meeting was intended to address commercial issues and called it “purely conciliatory.” They denied that the earlier $60 million payment was a recovery tied to criminal allegations.
Nestoil and Neconde also said in August that a proposed memorandum of understanding remained under review. The lenders, meanwhile, have described the payments as part of a structured repayment arrangement.
In June, the lender consortium put Nestoil’s indebtedness at $1,084,157,611.20 and ₦469,426,076,115.87. Those figures predated the two reported installments. The lenders have said recovering the loans would help protect depositors and other financial-system stakeholders.
The consortium has said the facilities came from eight lenders and dated to 2010, before being restructured under a “Global Club” arrangement effective in 2023. It alleged that Nestoil later defaulted again.
The Supreme Court of Nigeria’s docket lists a June 1 judgment in Neconde Energy Limited v. FBNQuest Merchant Bank Ltd. and four others, appeal no. SC/CV/1130/2025. The lenders said the ruling set aside interim orders and returned the substantive debt issues to a lower court; Nestoil and Neconde disputed the lenders’ account of the ruling’s effect.
The consortium said recovery efforts were continuing but gave no date for another payment.
