EFCC Recovers, Returns ₦140m to Investment Company in Lagos
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has recovered and handed over ₦140 million to B4 Sail Limited, an investment and money-lending company.
The funds were handed over in bank drafts on Thursday, September 17, 2026, by the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo.
The recovery followed an investigation 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, in a petition submitted to the EFCC on April 20, 2026, alleged that Esan, acting on behalf of his company, Geo Fields Plc, approached the firm in August 2025 for a ₦500 million loan facility to expand his business.
According to the petition, the facility attracted an interest rate of 15 per cent per month and had a tenor of one month.
EFCC investigations revealed that Esan had previously obtained other loan facilities from the company, bringing his total loan exposure to ₦1.065 billion.
The investigation further established that Esan pledged shares held by him as collateral through Calyx Securities Limited, the clearing house for the stocks, with an agreement that the shares would be subject to a lien in favour of B4 Sail Limited.
The arrangement was intended to give B4 Sail the first right of payment from the proceeds of any sale of the pledged shares.
The lien was communicated to B4 Sail Limited in 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 allegedly been sold without the knowledge of B4 Sail Limited, resulting in the alleged default in repayment of the loan facilities.
Consequently, the outstanding loan and accrued interest reportedly rose to ₦2.2505 billion.
Speaking during the handover ceremony, Kaltungo said the recovery underscored the Commission’s commitment to ensuring that funds and assets recovered during investigations are returned to their legitimate owners and victims in accordance with due process.
He described the handover as “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 Recovers, Returns ₦140m to Investment Company in Lagos