EFCC Hands Over Recovered ₦140 Million to Lagos Loan Firm After Fraud Probe
Lagos, Nigeria—September 18, 2026—In a significant restitution exercise, the Economic and Financial Crimes Commission (EFCC) has handed over ₦140 million recovered during a high-profile investigation into alleged loan fraud to a Lagos-based investment and money-lending company, B4 Sail Limited.
The funds, presented in bank drafts, were formally transferred on Thursday, September 17, 2026, by the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2 in Okotie-Eboh, Ikoyi, Assistant Commander of the EFCC (ACE I) Bawa Usman Kaltungo.
The handover underscores the Commission’s ongoing commitment to recovering proceeds of crime and returning them to legitimate victims through due process.
How the Case Unfolded
The recovery stems from a petition filed by B4 Sail Limited on April 20, 2026. The company alleged that Jacob Oyebola Esan, acting on behalf of his firm Geo Fields Plc, approached it in August 2025 seeking a ₦500 million loan facility to expand his business.
The facility carried a steep interest rate of 15 percent per month with a one-month tenor.
Investigators later established that Esan had previously obtained additional facilities from the same firm, pushing his total loan exposure to ₦1.065 billion.
As collateral, he pledged shares held in his name through Calyx Securities Limited, the clearing house for the stocks.
A letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited and the second suspect in the case, confirmed that the shares would be subject to a lien in favour of B4 Sail Limited, giving the lender first right of payment upon any sale.
However, further probes revealed that the pledged shares were sold without the knowledge or consent of B4 Sail Limited.
This allegedly left Esan in default, with the outstanding principal and accrued interest ballooning to ₦2.2505 billion.
The EFCC’s investigation centred on allegations of obtaining money by false pretence and diversion of funds.
EFCC’s Message on Restitution
Speaking at the handover ceremony, ACE I Bawa Usman Kaltungo emphasized that the recovery “represents a further step in the Commission’s efforts to ensure that funds and assets recovered in the course of its investigations are appropriately returned to legitimate owners and victims in accordance with due process.”
The gesture forms part of the EFCC’s broader restitution drive. In recent years, the agency has returned substantial sums to individuals, corporate bodies, and public institutions after successful investigations and recoveries.
Broader Context and Public Interest
Loan and investment fraud cases remain a persistent challenge in Nigeria’s financial sector, often involving complex collateral arrangements and high-interest short-term facilities.
High monthly interest rates such as the 15 per cent cited in this matter frequently amplify risks for both lenders and borrowers when repayment fails.
While the ₦140 million returned is a fraction of the reported outstanding liability, it marks tangible progress for B4 Sail Limited and sends a clear signal that the anti-graft agency continues to prioritise victim restitution alongside prosecution.
The EFCC has not yet disclosed details on the current status of charges against Jacob Oyebola Esan, Gbolahan Azeez Bello, or any linked entities. Further updates are expected as the investigation and any subsequent legal proceedings advance.
This latest action adds to a series of high-value recoveries and handovers by the Lagos Zonal Directorate, reinforcing the Commission’s operational focus under its current leadership.
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