The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, has led a major breakthrough in the Commission’s ongoing investigation into the alleged criminal aspects of transactions involving Nestoil Limited and a consortium of its lenders.

At a meeting convened and chaired by the EFCC Chairman, a structured repayment plan was agreed between Nestoil Limited and the consortium of lenders as part of efforts to recover outstanding indebtedness. The agreement has already yielded significant results, with US$60 million recovered from Nestoil Limited and paid to the consortium during the course of the investigation.

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The payment by Nestoil, facilitated by a team of operatives from the EFCC Lagos Zonal Directorate 2 led by the Head of Investigation, Mr. Oguzi Moses, represents a significant milestone in the Commission’s commitment to promoting accountability, protecting the interests of financial institutions, and safeguarding depositors’ funds.

While welcoming the payment as an encouraging development, the consortium of lenders noted that it represents only the first phase of the repayment process, as a substantial portion of the outstanding debt remains to be settled. The lenders reaffirmed their commitment to working closely with the EFCC and other relevant stakeholders to ensure the seamless continuation of the recovery process until the outstanding indebtedness is fully liquidated.

The lenders also reiterated their commitment to supporting the EFCC by providing all relevant documents required for the diligent prosecution of the investigation, while ensuring that all parties comply with the law and that the recovery process remains lawful, transparent, and commercially responsible.

The EFCC reaffirmed its resolve to pursue the investigation to its logical conclusion and to ensure the full recovery of depositors’ funds in accordance with the law.

The Nigerian non-governmental organisations (NGOs) now have extra motivation to offer exceptional impact, accountability and governance as long-term funding beckons.

This is because the NNPC Limited/FIRST Exploration and Petroleum Development Company Limited Joint Venture has launched ‘Impact FIRST: Heritage’, a new multi-year grant programme designed to provide sustained funding and long-term partnership support to outstanding NGOs.

Biztellers reports that the inaugural Impact FIRST: Heritage Grant Presentation Ceremony was held recently in Ikoyi, Lagos, had representatives of the NNPC Limited/FIRST E&P JV, beneficiary organisations, development stakeholders and members of the media in attendance to mark a new chapter in the JV’s commitment to sustainable social investment.

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Impact FIRST: Heritage builds on the success of the flagship Impact FIRST grant programme, which was launched in 2024 to support innovative and impactful NGOs addressing critical social challenges across Nigeria. Since inception, the programme has provided support to 15 NGOs whose interventions have positively impacted more than 20,000 beneficiaries across the country.

Unlike the annual Impact FIRST grant programme, which provides one-off funding support to a broad pool of eligible organisations, Impact FIRST: Heritage is designed as a long-term partnership model.

The programme provides multi-year funding to previous Impact FIRST beneficiaries that have demonstrated strong institutional governance, measurable social impact, sustainable programme delivery and the capacity to scale their interventions responsibly.

Following a rigorous assessment process, five organisations were selected as the inaugural beneficiaries of the Impact FIRST: Heritage programme, including The IREDE Foundation, which provides prosthetic limbs and support services for child amputees; Asido Foundation, which supports the rehabilitation and reintegration of individuals living with severe mental health conditions; Cerebral Palsy Centre, which provides long-term care and support services for persons living with cerebral palsy; Health and Development Support Programme, which delivers eye care interventions and sight-restoring surgeries for underserved populations; and Health Emergency Initiative, which expands access to emergency healthcare services and supports first-responder capacity development.

Speaking at the ceremony, Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, described Impact FIRST: Heritage as an important evolution of the Joint Venture’s social investment journey.

“Today, we celebrate five exceptional organisations whose work continues to improve lives, strengthen communities, and create opportunities for some of Nigeria’s most vulnerable and underserved populations.

“By providing long-term support to organisations that have already demonstrated strong performance and measurable results, we are helping them scale their impact, strengthen their capacity, and create even greater value for the communities they serve,” he said.

In his address, the Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Olanrewaju Igandan, who was represented by Usman Mohammed-Bello, Advisor, Community Relations, NUIMS, at the event, said the transition from an annual corporate giving programme to a multi-year grant framework reflects a mature, strategic approach to social investment that aligns with the imperatives of sustainable development.

While appreciating FIRST E&P for what he termed a “forward-looking initiative”, he further pledged NUIMS’ commitment to sustaining the collaborative journey towards impactful social value creation that aligns with national development priorities.

Responding on behalf of the beneficiary organisations, Pascal Achunine, Executive Director of the Health Emergency Initiative (HEI), expressed appreciation to the NNPC Limited/FIRST E&P JV for the support and confidence reposed in the selected organisations.

He remarked that, “this investment represents more than funding. It is a vote of confidence in the work being done by organisations across the social sector to improve lives and strengthen communities. We are grateful for the opportunity to deepen our impact and extend our reach to even more beneficiaries.”

Impact FIRST: Heritage underscores the NNPC Limited/FIRST E&P JV’s commitment to creating sustainable social value through strategic partnerships with organisations that have demonstrated the ability to deliver measurable and lasting change.

Through the programme, the JV aims to strengthen proven interventions, expand access to critical services, and support long-term development outcomes across healthcare, education, economic empowerment and community development.

Stakeholders in the oil and gas sector have welcomed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) projection that Nigeria’s upstream oil and gas sector is to attract between $30 billion and $50 billion in offshore investments between 2026 and 2030.

According to the Commission, the investment pipeline will be driven by 22 major offshore projects expected to boost crude oil production, create jobs, expand energy infrastructure, and strengthen the country’s energy security.

They believe that achieving these milestones will require peace and stability in the Niger Delta and protection of national assets, especially oil pipelines through Tantita Security Services Nigeria Ltd (TSSNL) operations.

Nigeria is determined to achieve $30 billion and $50 billion in offshore investments between 2026 and 2030 is real, according to the (NUPRC).

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The NUPRC attributed the improved outlook to reforms introduced under the Petroleum Industry Act (PIA), improved licensing transparency, and faster project approvals.

Since 2024, the regulator has approved more than $57 billion in Field Development Plans (FDP), with several projects already progressing to Final Investment Decisions (FID).

The Commission also said preparations for the 2026 Licensing Round are underway as it seeks to attract further investment into Nigeria’s upstream sector. The planned projects are expected to support the government’s target of increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

Gaining the oil sector backing in this milestone journey requires more than policy pronouncements from the NUPRC.

It requires investment drive, attractiveness to global energy markets and support of domestic players in the industry.

President General, Niger Delta Progressive Alliance, Nse Victor Udoh, said to effectively harness the oil revenue requires that the Niger Delta, a region severally described as the goose that lays the golden eggs, must also be at peace and oil infrastructure across the region well secured.

He explained that it is where the Federal Government of Nigeria’s appointment of the TSSNL to protect oil assets and ensure peace and stability in the Niger Delta comes to play.

He added that the singular act will contribute positively to achieving $30 billion and $50 billion in offshore investments between 2026 and 2030, as predicted by the NUPRC.