The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has recovered N140 million and handed the funds over to an investment and money-lending company, B4 Sail Limited.
The Commission disclosed this in a statement on Thursday, September 17, 2026, following the handover of the recovered funds at its Lagos Zonal Directorate 2 office in Okotie-Eboh, Ikoyi.
The N140 million was handed over in bank drafts by the Acting Zonal Director of the Directorate, 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.
According to the EFCC, B4 Sail Limited, in a petition submitted to the Commission on April 20, 2026, alleged that Esan, acting on behalf of his company, Geo Fields Plc, approached it in August 2025 for a N500 million loan facility to boost his business.
The facility, according to the petitioner, attracted an interest rate of 15 per cent per month and had a tenor of one month.
Investigation by the EFCC revealed that Esan had previously obtained other loan facilities from B4 Sail Limited, bringing his total loan exposure to N1.065 billion.
The Commission further revealed that Esan pledged shares held by him as collateral for the loan facilities through Calyx Securities Limited, the clearing house for the stocks.
The arrangement, according to the EFCC, 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 Commission said the lien was communicated to B4 Sail Limited through a letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited, who was identified as the second suspect in the case.
However, further investigation allegedly revealed that the shares pledged as collateral had been sold without the knowledge of B4 Sail Limited.
The development resulted in Esan allegedly defaulting on repayment of the loan facilities, with the outstanding principal and accrued interest subsequently rising to N2.2505 billion.
Speaking during the handover ceremony, Kaltungo said the recovery demonstrated the Commission’s commitment to returning recovered funds and assets to their legitimate owners and victims in accordance with due process.
He said the EFCC would continue to ensure that assets recovered during its investigations were appropriately returned to those entitled to them.
