The Economic and Financial Crimes Commission (EFCC) on Friday, September 18, announced that it had handed over recovered N140 million to loan firm B4 Sail Limited in Lagos.
The handover took place on Thursday, September 17, at the EFCC Lagos zonal directorate two, Okotie-Eboh, Ikoyi, Lagos.
The funds were handed over in bank drafts by the acting zonal director of the Lagos zonal directorate two, assistant commander of the EFCC, ACE I Bawa Usman Kaltungo.
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.
B4 Sail Limited had submitted a petition to the EFCC on April 20, alleging that Esan, on behalf of his company, Geo Fields Plc, approached the firm in August 2025 for a N500 million 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.
Investigation revealed that Esan, the first suspect, had previously obtained other loan facilities from B4 Sail, bringing his total loan exposure to N1.065 billion.
It was also revealed that 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, giving the company the first right of payment upon the sale of the shares.
The EFCC said the lien was communicated to B4 Sail through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited.
Further investigation, however, revealed that the shares pledged as collateral had been sold without the knowledge of B4 Sail Limited.
The development resulted in Esan’s alleged default in repaying the loan facilities.
Consequently, the outstanding loan and accrued interest rose to N2.2505 billion.
Speaking during the handover ceremony, Kaltungo said the recovery represented another step in the EFCC’s efforts to ensure that funds and assets recovered during investigations were appropriately returned to legitimate owners and victims in accordance with due process.
He said the Commission remained committed to ensuring that recovered funds and assets were returned to those entitled to them after due process had been followed.
The EFCC said the investigation into the alleged fraud and diversion of funds remained ongoing.
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