EFCC Hands Over N140m Recovered Funds To Loan Firm In Lagos

The Economic and Financial Crimes Commission (EFCC) has handed over N140 million recovered during an investigation to B4 Sail Limited, an investment and money-lending company in Lagos.

The funds were handed over in bank drafts on Thursday, September 17, 2026, by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo.

The EFCC disclosed this in a statement via social media, on Friday, September 18.

The Commission said the recovery followed investigations into an alleged case of obtaining money by false pretence and diversion of funds involving Jacob Oyebola Esan and companies linked to him.

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According to the EFCC, B4 Sail Limited submitted a petition on April 20, 2026, alleging that Esan, on behalf of his company, Geo Fields Plc, approached the firm in August 2025 for a N500 million loan facility.

“In a petition submitted on April 20, 2026, B4 Sail Limited alleged that Esan, on behalf of his company, Geo Fields Plc, had approached the company in August 2025 for a N500,000,000.00 (Five Hundred Million Naira) loan facility to boost his business,” the statement reads.

The facility attracted an interest rate of 15 per cent per month and had a tenor of one month, the petitioner said.

The Commission said investigation showed that Esan, the first suspect, had previously obtained other loan facilities from B4 Sail, bringing his total loan exposure to N1.065 billion.

It added that Esan pledged shares held by him as collateral through Calyx Securities Limited, the clearing house for the stocks.

The shares, according to the EFCC, were to be subject to a lien in favour of B4 Sail, with the company having the first right of payment from the proceeds of any sale of the shares.

The Commission said the lien was communicated to B4 Sail through a letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited and the second suspect.

Further investigation, however, revealed that the pledged shares had allegedly been sold without the knowledge of B4 Sail, resulting in the suspect’s alleged default in repaying the facilities.

Consequently, the EFCC said the outstanding loan and accrued interest rose to N2.2505 billion.

Speaking during the handover ceremony, Kaltungo said the recovery was part of the Commission’s efforts to return recovered funds and assets to their legitimate owners and victims.

He 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.”