RismadarVoice Reporters
September 18, 2026
The Economic and Financial Crimes Commission (EFCC) has returned N140 million recovered during an investigation to B4 Sail Limited, an investment and money-lending company based in Lagos.
The funds were handed over in bank drafts on Thursday, September 17, 2026, by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, Bawa Usman Kaltungo, at the commission’s office in Ikoyi, Lagos.
The recovery followed an investigation into allegations of obtaining money by false pretence and diversion of funds involving Jacob Oyebola Esan and companies linked to him.
B4 Sail had petitioned the EFCC on April 20, 2026, alleging that Esan, acting on behalf of Geo Fields Plc, approached the company in August 2025 to obtain a N500 million loan to finance his business.
According to the petition, the facility carried an interest rate of 15 per cent per month and was granted for a one-month period.
EFCC investigations further established that Esan had previously obtained other loan facilities from B4 Sail, bringing his total exposure to N1.065 billion.
The commission said Esan used shares held by him as collateral for the facilities through Calyx Securities Limited, which served as the clearing house for the stocks.
The arrangement reportedly provided that the shares would be placed under a lien in favour of B4 Sail, giving the company priority over proceeds from any eventual sale of the pledged shares.
The EFCC said the lien was communicated to B4 Sail in a letter signed by Gbolahan Azeez Bello, Managing Director of Calyx Securities Limited and the second suspect in the investigation.
However, further investigation reportedly showed that the pledged shares were sold without the lender’s knowledge, resulting in the alleged failure to repay the loan facilities.
With accumulated interest, the outstanding obligation subsequently rose to N2.2505 billion, according to the commission.
Speaking at the handover ceremony, Kaltungo said the recovery reflected the EFCC’s efforts to ensure that funds and assets recovered during investigations were returned to their legitimate owners and victims in accordance with due process.
He said the commission would continue to pursue financial recovery while ensuring that recovered assets were appropriately handled and returned to those legally entitled to them.
