The Economic and Financial Crimes Commission has handed over ₦140 million recovered during an investigation into an alleged loan fraud involving investment and money-lending company B4 Sail Limited.
The funds were handed to the company in bank drafts by the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Bawa Usman Kaltungo.
The investigation followed a petition alleging that Jacob Oyebola Esan, acting through Geo Fields Plc, obtained a ₦500 million loan from B4 Sail Limited in 2025. Shares were reportedly pledged as collateral, after which the lender alleged that they were sold without its knowledge.
The commission said its investigation concerned allegations of obtaining money by false pretence and diversion of funds.
The recovery illustrates the EFCC’s asset-recovery function alongside its better-known investigative and prosecutorial responsibilities.
Source: Premium Times
READ MORE:
EFCC Arraigns Two Over £110,000 and ₦500m Fraud
Five Jailed Seven Years Over ₦117.7m Chi Fraud
