The Economic and Financial Crimes Commission (EFCC) has recovered N140 million in Lagos and handed the funds over to B4 Sail Limited, an investment and money-lending company, following an investigation into alleged obtaining of money by false pretence and diversion of funds.
The Lagos Zonal Directorate of the anti-graft agency handed over the N140,000,000 recovered funds on Thursday, September 17, 2026.
The funds were handed over in bank drafts by the Acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo.
The recovery followed investigations involving Jacob Oyebola Esan and companies linked to him.
EFCC Recovers N140 Million After Loan Dispute Investigation
According to the EFCC, B4 Sail Limited submitted a petition to the Commission on April 20, 2026, alleging that Esan had approached the company in August 2025 on behalf of his company, Geo Fields Plc, to obtain a N500 million loan facility.
The facility reportedly carried an interest rate of 15 per cent per month and had a tenor of one month.
Investigators subsequently discovered that Esan had previously obtained other loan facilities from B4 Sail Limited.
His total loan exposure was put at N1.065 billion.
Investigations revealed that Esan had pledged shares belonging to him as collateral for the loan facilities through Calyx Securities Limited, which acted as the clearing house for the stocks.
According to the EFCC, the agreement was that the shares would be subject to a lien in favour of B4 Sail Limited.
The arrangement was also intended to give B4 Sail Limited the first right of payment from the proceeds if the pledged shares were sold.
The lien was reportedly 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 reportedly showed that the pledged shares had been sold without the knowledge of B4 Sail Limited.
The development allegedly contributed to the failure to repay the outstanding loan facilities.
The EFCC said further investigation showed that the outstanding loan amount, together with accrued interest, had risen to N2.2505 billion.
The amount represents the claimed outstanding loan and interest arising from the facilities involved in the investigation.
The Commission’s investigation subsequently resulted in the recovery of N140 million, which was returned to B4 Sail Limited during the handover ceremony in Lagos.
Speaking during the handover ceremony, Kaltungo said the recovery represented another step in the Commission’s efforts to return recovered funds and assets to legitimate owners and victims in accordance with due process.
The EFCC official emphasised the importance of ensuring that assets recovered during investigations are appropriately returned to those entitled to them.
The N140 million was therefore handed over to B4 Sail Limited following the investigation and recovery process.
The recovery forms part of the broader investigation into the allegations involving Esan, Geo Fields Plc and other parties connected to the transactions.
The allegations include obtaining money by false pretence and diversion of funds.
The EFCC’s recovery of N140 million does not, by itself, establish criminal liability against any person named in the investigation; the allegations remain subject to the relevant investigative and legal processes.
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