EFCC hands over N140m recovered from alleged loan fraud to B4 Sail

The Economic and Financial Crimes Commission, EFCC, has handed over N140 million recovered during an investigation into alleged obtaining of money by false pretence and diversion of funds to an investment and money-lending company, B4 Sail Limited, in Lagos.

According to a statement by the agency, the EFCC Lagos Zonal Directorate 2, located at Okotie-Eboh, Ikoyi, Lagos, handed over the funds in bank drafts on Thursday, September 17, 2026. The drafts were presented to B4 Sail Limited by the Acting Zonal Director of the Directorate, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo.

The recovery followed an investigation involving Jacob Oyebola Esan and companies linked to him.

In a petition submitted to the EFCC on April 20, 2026, B4 Sail Limited alleged that Esan, acting on behalf of his company, Geo Fields Plc, approached the firm in August 2025 to obtain a N500 million loan facility to boost his business.

The petitioner said the loan carried an interest rate of 15 per cent per month and had a tenor of one month.

Investigation revealed that Esan, identified as the first suspect, had previously obtained other loan facilities from B4 Sail Limited, bringing his total loan exposure to N1.065 billion.

The investigation further showed that Esan pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the shares.

Under the arrangement, the shares were to be subject to a lien in favour of B4 Sail Limited, with the company having the first right to payment from the proceeds of the sale of the shares.

Investigation revealed that the lien was communicated to B4 Sail Limited through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited.

However, further investigation revealed that the pledged shares had been sold without the knowledge of B4 Sail Limited.

The development allegedly resulted in Esan’s failure to repay the loan facilities, causing the outstanding loan and accrued interest to rise to N2.2505 billion.

“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,” EFCC said.