EFCC Returns N140m to Lagos Lender in Loan Default Probe

The Economic and Financial Crimes Commission (EFCC) yesterday restituted N140 million to B4 Sail Limited, a Lagos-based investment and money-lending firm, following investigations into an alleged multi-billion-naira loan default and diversion of funds.

Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Assistant Commander of the EFCC (ACE I) Bawa Usman Kaltungo, presented the recovered sum in bank drafts to a representative of the company at the Okotie-Eboh, Ikoyi office on Thursday, September 17, 2026.

The recovery stems from a petition filed by B4 Sail Limited on April 20, 2026. The firm accused Jacob Oyebola Esan, acting on behalf of his company Geo Fields Plc, of obtaining money by false pretence and diverting funds. According to the petition, Esan approached B4 Sail in August 2025 seeking a N500 million loan facility to expand his business. The facility carried a steep interest rate of 15 per cent per month and a one-month tenor.

Investigators found that Esan had earlier secured additional facilities from the same lender, pushing his total loan exposure to N1.065 billion. As security, he pledged shares through Calyx Securities Limited, the clearing house for the stocks. The arrangement placed a lien on the shares in favour of B4 Sail Limited, giving the lender first claim on proceeds from any sale. The lien was confirmed in a letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited, who is listed as the second suspect in the case.

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Further probes established that the pledged shares were sold without B4 Sail’s knowledge or consent. The alleged default caused the outstanding principal and accrued interest to balloon to N2.2505 billion.

Kaltungo described the handover as part of the Commission’s broader mandate to return recovered funds and assets to legitimate owners and victims through due process. The restitution, he noted, underscores the EFCC’s commitment to ensuring that proceeds of alleged economic crimes do not remain with suspects while investigations continue.

B4 Sail Limited operates in commodity trading, lending and investment advisory services in Lagos. Esan is publicly identified as the Chairman and Chief Executive Officer of Geo-Fluids Plc (sometimes referenced in related corporate filings), where he has led turnaround efforts following earlier financial challenges and receivership.

The EFCC has not announced charges or the current status of the suspects beyond the recovery and restitution exercise. The Commission’s statement, issued through spokesperson Dele Oyewale, confirms that the N140 million forms part of funds traced and recovered in the course of the ongoing investigation.

The development fits a pattern of the Lagos Zonal Directorate 2 under Kaltungo regularly restituting recovered sums to corporate and individual victims of alleged fraud, reinforcing the agency’s focus on practical recovery alongside prosecution.