EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn

EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn

The Economic and Financial Crimes Commission (EFCC) has returned N140 million recovered during an investigation into an alleged loan fraud to B4 Sail Limited, an investment and money-lending company in Lagos.

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

The Acting Zonal Director, Bawa Usman Kaltungo, presented the recovered money to representatives of B4 Sail.

How the Investigation Began

The recovery followed a petition filed by B4 Sail on April 20, 2026, concerning Jacob Oyebola Esan and companies linked to him.

According to the petition, Esan approached the company in August 2025 on behalf of Geo Fields Plc to secure a N500 million loan to support the business.

The facility reportedly carried a monthly interest rate of 15 per cent and was expected to be repaid within one month.

The EFCC said its investigation later established that Esan had obtained other loan facilities from B4 Sail, taking his total exposure to N1.065 billion.

As security for the loans, shares belonging to Esan were pledged through Calyx Securities Limited, which acted as the clearing house for the stocks. The arrangement reportedly gave B4 Sail a lien over the shares and first claim to proceeds from their sale.

However, the commission said the shares were eventually sold without B4 Sail’s knowledge.

This allegedly contributed to Esan’s failure to repay the facilities. With accrued interest, the outstanding amount subsequently rose to N2.2505 billion.

The EFCC said the N140 million recovery was being returned to the company as part of its responsibility to ensure recovered funds reach legitimate owners and victims after due process.

EFCC Recovers N140m for B4 Sail as Alleged Loan Debt Hits N2.25bn