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EFCC recovers $60 million for Nestoil lenders in ongoing debt investigation

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Nigeria’s top anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has recovered $60 million from indigenous oil and gas firm Nestoil Limited.

This breakthrough could advance efforts to resolve the protracted debt crisis between the energy company and a consortium of lenders.

Those familiar with the matter told PREMIUM TIMES that at a meeting facilitated by Olanipekun Olukoyode, the agency’s chief, Nestoil and a group of banks agreed to a structured repayment plan as part of an effort to recover the debt owed by the company to the lenders.

Our findings show that the engagement between the two parties has begun to bear fruit, with $60 million recovered so far from Nestoil and paid to the lenders in the course of the EFCC investigation and follow-up meetings with parties to the matter.

Oguzi Moses, head of investigation at EFCC’S Lagos Zonal Directorate 2, facilitated the payment made so far.

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The consortium of lenders, PREMIUM TIMES found, welcomed the payment as a positive step and noted that it marks only the first stage in the repayment process, given that a substantial portion of Nestoil’s debt remains outstanding.

EFCC spokesperson, Dele Oyewale, did not answer or return calls seeking his comment on this development. But a top official of the agency, who asked not to be named because he did not have permission to discuss the case, confirmed the development, saying the anti-graft agency had to wade into the matter because of its economic implications for Nigeria.

Nnenna Azudialu-Obiejesi, executive director at Nestoil, also did not answer or return our reporter’s calls.

Background: Nestoil vs Lenders

The partial debt recovery is a major step forward in resolving a knotty legal battle between Nestoil and the banks over an alleged debt default.

The disagreement has strained relations between the parties and has far-reaching implications for the non-performing loan portfolios of some of Nigeria’s big banks.

The rift between the two parties is the subject of a complicated legal dispute that came to a head at the Supreme Court of Nigeria in June, leading the court to annul an order by the Court of Appeal freezing the assets of Nestoil and its affiliate, Neconde Energy.

The lawsuit is an attempt by FBN Quest Merchant Bank and First Trustees Limited to recover debts totalling more than $1 billion and N430 billion allegedly owed by Neconde and Nestoil, as well as Azudialu Obiejesi and Nnenna Azudialu-Obiejesi, their top promoters.

Last October, police officers acting on an order issued by Dehinde Dipeolu, a judge of the Federal High Court, Lagos Division, sealed Nestoil’s headquarters in Lagos. The order gave FBN Quest Merchant Bank and First Trustees leave to take over Nestoil’s assets.

Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares held with more than 20 financial and other institutions in Nigeria.

The court also authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters and other identified assets.

Justice Dipeolu also directed multiple security agencies to help enforce the receivership.

Following Nestoil’s complaints about the proceedings, John Tsoho, the chief judge of the Federal High Court, reassigned the case to another judge.

On 20 November 2025, J. Osiagor, the new Judge, revoked the earlier receivership-enforcement order.

FBN Quest Merchant Bank and First Trustees appealed against the decision on 22 November 2025.

In November 2025, the Court of Appeal issued a restorative injunction in an ex parte application filed by the financial institutions.

The order reversed Justice Osiagor’s decision, and also prohibited Nestoil, Neconde and their agents from obstructing the receiver/manager pending the hearing of the appeal.

In January, the Supreme Court directed all the parties in the suit to return to the Court of Appeal to resolve a major procedural issue.

It held that the appeal court had to resolve the issue around legal representation in the case.

On that score, the Court of Appeal, in January, disqualified Wole Olanipekun, Muiz Banire, and other lawyers appearing with them from representing Neconde and Nestoil.

It ruled that the receivership of Mr Sulu-Gambari had suspended Mr Azudialu-Obiejesi’s powers.

But the Supreme Court ruled in June that the appellate court exceeded its authority by issuing an ex parte application against the oil firms.

It ruled that the Court of Appeal assumed jurisdiction and granted an injunction against Neconde and Nestoil when the dispute was not properly before the court.

It also rebuked the lower court for misusing the judicial process in granting a stay of proceedings at the Federal High Court, Lagos.

The court consequently annulled the freezing order on Nestoil’s and Neconde’s assets.

Effect of Nestoil debt on banks

“Prior to the Court Action, Nestoil obtained several bilateral loan facilities from eight (8) lenders dating back to 2010 and serially defaulted on all the various repayment obligations,” the consortium of lenders said in a statement following the Supreme Court’s ruling.

READ ALSO: EFCC arraigns man for N56.5 million Hajj fraud

“Nestoil subsequently proposed restructuring the bilateral loan facilities to bring the Lenders into a Global Club to ease the administration of the indebtedness. Lenders, in good faith, agreed to this restructuring, but Nestoil has again serially defaulted on its repayment obligations since the restructuring became effective in 2023,” the lenders added.

According to a May press release by the lenders, Nestoil’s alleged $2 billion distressed loan has triggered “a historic balance sheet reset” and “a lack of dividend payments” at some major Nigerian banks.

The statement listed First Bank, United Bank for Africa and Access Bank among financial institutions severely impacted by Nestoil’s bad loans.


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SanlamAllianz Launches Esusu to Promote Savings Culture Among Nigerians

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SanlamAllianz Life Insurance Nigeria Limited has launched Esusu, an innovative savings initiative designed to encourage a consistent savings culture, promote financial discipline and help Nigerians take practical steps towards achieving their financial goals.

Inspired by the traditional Nigerian Esusu savings system, the initiative combines the familiarity of regular savings practices with the added benefits of a structured insurance-backed savings arrangement. It provides individuals with an opportunity to build their savings through flexible daily contributions, with the option to make additional contributions as their financial capacity allows.


Through Esusu, customers can make regular contributions towards their savings goals and receive a maturity benefit based on their accumulated contributions, less applicable withdrawals, in line with the policy terms and conditions. The initiative also incorporates death cover, providing an additional layer of financial protection for beneficiaries in the event of an unfortunate occurrence, subject to applicable policy provisions.

Speaking at the launch, Tunde Mimiko, Managing Director/Chief Executive Officer, SanlamAllianz Life Insurance Limited, said: “At SanlamAllianz, we recognise that achieving financial confidence begins with the right financial habits. Saving should not be an overwhelming responsibility; it should be a consistent practice that individuals can incorporate into their everyday lives. With Esusu, we are bringing a familiar savings culture into a structured financial solution that encourages consistency while providing additional protection. Our goal is to empower more Nigerians to take charge of their financial future, one contribution at a time.”

The initiative reflects SanlamAllianz’s commitment to developing customer-focused solutions that respond to the evolving financial needs of Nigerians. By encouraging small, consistent contributions, Esusu seeks to demonstrate that building financial security does not necessarily require having large sums of money available at once. The product is available to eligible individuals between the ages of 18 and 80, subject to the applicable policy requirements and conditions.

Shedding more light on the product, Chris Ekwonwa, Group Head, Strategy, Marketing and Customer Relations, SanlamAllianz Nigeria, said: “Beyond providing a savings opportunity, Esusu reinforces the importance of financial literacy and long-term planning. It encourages individuals to become more intentional about managing their finances, preparing for future responsibilities and building a stronger financial foundation using a financial instrument they are very familiar with. With the campaign message “Esusu – Savings Wey Confam!”, SanlamAllianz is taking a relatable approach to financial empowerment, connecting with Nigerians through a savings concept deeply rooted in local culture while providing the structure and additional protection of an insurance solution.”

Industry watchers have long called for a retail driven product for the underserved markets, the launch of SanlamAllianz Esusu clearly is a stab at that target audience and expectations are rife as to the potential impact of the product.

SanlamAllianz Nigeria is no stranger to taking bold initiatives in the market space. With its first-of-its-kind SanlamAllianz Campus Takeover with Ayo Maff kicking off this weekend at the iconic OAU Amphitheatre at Ife, there are progressive signs that the brand is not paying lip service to its oft-stated quest to drive insurance penetration and financial inclusion in the Nigerian insurance market.

ABOUT SANLAMALLIANZ
SanlamAllianz is a Pan-African financial services joint venture between Sanlam, Africa’s largest non-banking financial services group, and Allianz, a global financial services and insurance leader.
In Nigeria, SanlamAllianz operates through its Life and General Insurance businesses, providing a range of insurance and financial solutions designed to protect individuals, families and businesses while supporting their financial aspirations.

The post SanlamAllianz Launches Esusu to Promote Savings Culture Among Nigerians appeared first on Business Today NG.

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COP31: Climate, health take centre stage as funders mobilise over $375 million

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Climate change and its sweeping impact on human health are expected to feature prominently in discussions at the ongoing 31st session of the United Nations Climate Change Conference of the Parties (COP31) in Antalya, Türkiye, as global health and climate funders mobilise more than $375 million to address climate-related health challenges.

The funding, announced at the opening of the conference on Monday, is expected to support efforts to ramp up adaptation and mitigation measures, particularly in vulnerable communities at the mercy of extreme heat, air pollution, climate-sensitive infectious diseases and other health risks linked to global warming.

The announcement comes amid fresh warnings from international climate and health pundits that rising global temperatures, worsening extreme weather events and soaring greenhouse gas concentrations are heaping unprecedented pressure on public health systems.

In Nigeria and several other countries worldwide, surging temperatures have fuelled public health concerns in recent years. The emergence of El Niño—a natural climate pattern marked by the warming of ocean surface temperatures in the central and eastern tropical Pacific Ocean —is also stoking worries among world leaders.

Speaking at the opening ceremony, Simon Stiell, executive secretary of the UN Climate Change, said the world is witnessing dangerous heat levels that expose hundreds of millions of people to extreme temperatures.

“As today’s important data from the WMO shows, the world is getting dangerously hot. Hundreds of millions of people are exposed to extreme heat across Southern Asia,” Mr Stiell said.

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He said heatwaves during the Northern Hemisphere’s summer broke temperature records and killed an estimated 50,000 people across Europe.

According to him, climate change has evolved into a global health crisis, with consequences ranging from toxic air pollution and extreme heat to climate-related disasters that overwhelm health systems and critical infrastructure.

Climate crisis is a global health emergency

Mr Stiell identified the effects of rising temperatures on pregnancy, newborns and maternal health as another emerging health disaster linked to climate change.

He attributed the worsening situation to continued dependence on fossil fuels and deforestation, warning that the consequences are becoming increasingly dangerous for vulnerable populations.

“The impacts of rising heat on pregnancy, newborns and maternal health are another unfolding health disaster which has the fingerprints of the climate crisis all over it,” he said.

He added that health will remain central to COP31 discussions, guided by Türkiye and Australia, building on the progress made at COP30 in Belém, Brazil.

The UN climate chief also highlighted the Climate & Health Funders Coalition, which he said has already awarded more than $200 million to back climate and health interventions before the latest funding announcement.

Mr Stiell said practical solutions, including electrification and the transition to clean energy, are crucial to reducing climate-related health risks and the economic pressures associated with fossil fuel dependence.

He urged governments to accelerate the transition to cleaner energy, warning that continued reliance on fossil fuels will expose households, businesses and governments, including health systems, to soaring costs.

WMO: Global temperatures set to rise further

Also speaking, Celeste Saulo, the secretary-general of the World Meteorological Organisation (WMO), said the organisation’s State of the Climate Update 2026 presented fresh evidence of an accelerating climate crisis.

She remarked that the past 12 years have been the warmest on record, while the past four years, including 2026, are the four warmest years recorded.

According to her, the global average temperature between January and September 2026 was approximately 1.47 degrees Celsius above the pre-industrial average.

Ms Saulo observed that temperatures could rise further before the end of the year due to a strong El Niño event, adding that its greatest impact on global temperatures is likely to be felt in 2027.

She said the current El Niño is unusually strong, with forecasts indicating that sea surface temperatures in the tropical Pacific could approach four times the threshold used by the WMO to declare an El Niño event between November 2026 and January 2027.

The WMO chief also disclosed other alarming indicators, including ocean heat touching a record high for the tenth year in a row and sea levels jumping to unprecedented levels.

She said rising sea levels are increasing the risks facing approximately 900 million people living along low-lying coastal areas.

Ms Saulo added that millions of people experienced dangerous heat in 2026, contributing to tens of thousands of excess deaths in Europe alone, while India, Pakistan and large parts of Asia and North America also experienced severe heatwaves.

She further cited devastating floods in parts of South America and Africa, droughts across parts of Asia, the Pacific and Central America, and catastrophic high-mountain disasters in China and Nepal.

Despite the worsening situation, she said progress is being made in strengthening early warning systems.

According to her, the number of countries reporting multi-hazard early warning systems increased from 56 in 2015 to 136 in 2025.

She urged governments at COP31 to prioritise sustained investments in climate observations, data systems and early warning infrastructure.

“We cannot afford to fly blind,” she said, stressing the need for urgent decisions and funding to address the growing climate threat.

Wellcome: Coalition awards over $225m in first year

Similarly, Alan Dangour, director of climate and health at Wellcome, said the latest WMO climate assessment demonstrates the magnitude of the threat posed by rising greenhouse gas concentrations, record-breaking temperatures, melting sea ice and rising sea levels.

He said the effects of climate change are increasingly being felt by people across the world, yet human health remains insufficiently prioritised in international climate negotiations.

“At Wellcome, we focus on people – on human health. And we’re working night and day to bring the health and wellbeing of people into rooms like this and the big negotiating rooms out there so that the impact of climate change on people finally takes its place at the climate change table,” he said.

Mr Dangour cited findings from the Lancet Countdown annual report, which Wellcome funds, estimating that fossil fuel-related air pollution and extreme heat contribute to more than three million deaths annually.

He also noted that extreme drought affected nearly 52 per cent of the world’s land for at least one month in 2025, the second-highest level on record.

According to him, drought and changing groundwater conditions are worsening food insecurity and sanitation challenges, with significant implications for public health.

However, he said several proven interventions could help curtail the health burden of climate change.

These include cleaner energy, electrification, heat early warning systems and broader adaptation measures, which he said could prevent deaths and reduce healthcare costs.

READ ALSO: COP31 opens in Türkiye with focus on climate finance, implementation

On the coalition’s funding efforts, Mr Dangour said Wellcome has joined forces with more than 35 philanthropic organisations to establish the Climate & Health Funders Coalition at COP30 in Belém, with an initial joint commitment of $300 million.

He announced that the coalition awarded more than $225 million in its first year to support interventions addressing extreme heat, air pollution, climate-sensitive infectious diseases and data systems.

The coalition also attracted an additional $150 million in commitments from new and existing funders, bringing the total funding mobilised to more than $375 million.

Mr Dangour called on governments and businesses to strengthen their responses to climate-related health risks, particularly for vulnerable groups, including children, pregnant women, outdoor workers and older people.

He also highlighted the need for policies to protect pregnant women and newborns from extreme heat exposure.

At the Pre-COP31 meeting in Fiji, he said Wellcome and its partners launched a global call to action seeking improved health guidelines, information, plans and data to protect pregnant women from extreme heat.

He urged governments to put human health and wellbeing at the centre of climate action, arguing that the success of climate negotiations should be measured not only by emissions reductions and temperature targets but also by lives saved and improved health outcomes.


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