EFCC hands over N140m recovered funds to loan firm

By Adebola Muili

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has handed over N140 million recovered during an investigation into an alleged loan fraud involving an investment and money-lending company, B4 Sail Limited.

The funds were handed over in bank drafts on Thursday, September 17, 2026, at the Commission’s Lagos Zonal Directorate 2 office in Okotie-Eboh, Ikoyi, Lagos.

The Acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, presented the recovered funds to representatives of B4 Sail Limited.

According to a statement made available to journalists on Friday, September 18, 2026, 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.

The Commission said B4 Sail Limited, in a petition submitted on April 20, 2026, alleged that Esan had approached the company in August 2025 on behalf of his company, Geo Fields Plc, for a N500 million loan facility to boost its business.

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

The EFCC said investigation further 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.

According to the Commission, Esan pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the stocks.

The arrangement was that the shares would be subject to a lien in favour of B4 Sail Limited, with the company having the first right of payment upon the sale of the shares.

The EFCC said 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 allegedly revealed that the shares pledged as collateral had been sold without the knowledge of B4 Sail Limited.

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

Speaking during the handover, Kaltungo said the recovery demonstrated the Commission’s commitment to ensuring that funds and assets recovered during its investigations were returned to their legitimate owners and victims in accordance with due process.

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.”