The Economic and Financial Crimes Commission has handed over recovered N140,000,000.00 to an investment and money-lending company, B4 Sail Limited.
In a statement on Friday, the commission said the recovered fund was handed over to the firm on Thursday by the Acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, following investigations into an alleged case of obtaining money by false pretence and diversion of funds involving one Jacob Oyebola Esan and companies linked to him.
Citing a petition submitted on April 20, 2026, the EFCC noted that 1B4 Sail Limited alleged that Mr Esan, on behalf of his company, Geo Fields Plc, approached the company in August 2025 for a N500,000,000 loan facility to boost his business.
“The loan facility, according to the petitioner, attracted an interest rate of 15 per cent per month and had a tenor of one month,” the anti-graft agency stated.
According to the EFCC, investigation showed that Mr Esan, who is the first suspect, had previously obtained other loan facilities from the company, bringing his total loan exposure to N1,065,000,000.
It added that Mr Esan also pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the stocks, with the understanding that the shares would be subject to a lien in favour of B4 Sail Limited and that the company would have the first right of payment upon the sale of the shares.
“The lien, investigation revealed, was communicated to B4 Sail Limited through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director, Calyx Securities Limited,” the EFCC said.
The commission said further investigation, however, showed that the shares pledged as collateral had been sold without the knowledge of the petitioner, resulting in the suspect’s alleged default in repaying the facilities.
It noted that the outstanding loan and accrued interest had consistently risen to N2,250,500,000.
Mr Kaltungo, who spoke at the ceremony, said 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”.