EFCC hands over N140m recovered funds to Lagos lender
The Economic and Financial Crimes Commission has handed over ₦140 million recovered in an alleged loan fraud case to B4 Sail Limited, an investment and money-lending company in Lagos.
The EFCC Lagos Zonal Directorate 2 handed over the funds, in bank drafts, to the company on Thursday, September 17, 2026, following an investigation into alleged obtaining of money by false pretence and diversion of funds involving Jacob Oyebola Esan and companies linked to him.
Etim Ekpimah
The Economic and Financial Crimes Commission has handed over ₦140 million recovered in an alleged loan fraud case to B4 Sail Limited, an investment and money-lending company in Lagos.
The EFCC Lagos Zonal Directorate 2 handed over the funds, in bank drafts, to the company on Thursday, September 17, 2026, following an investigation into alleged obtaining of money by false pretence and diversion of funds involving Jacob Oyebola Esan and companies linked to him.
The recovery was made following a petition filed by B4 Sail on April 20, 2026, alleging that Esan had approached the company in August 2025, on behalf of Geo Fields Plc, to obtain a ₦500 million loan to boost the company’s business.
The facility attracted an interest rate of 15 per cent per month and had a tenor of one month, according to the petition.
Investigators found that Esan, described as the first suspect, had previously obtained other loan facilities from B4 Sail, bringing his total exposure to ₦1.065 billion.
Esan allegedly pledged shares he owned as collateral through Calyx Securities Limited, the clearing house for the stocks. The arrangement required the shares to be placed under a lien in favour of B4 Sail, giving the company the first right of payment from any proceeds realised from their sale.
The EFCC said the lien was communicated to B4 Sail in a letter signed by the second suspect, Gbolahan Azeez Bello, the Managing Director of Calyx Securities Limited.
Further investigation, however, revealed that the pledged shares had allegedly been sold without B4 Sail’s knowledge.
The development resulted in Esan’s alleged failure to repay the loan facilities, with the outstanding principal and accrued interest subsequently rising to ₦2.2505 billion, according to the commission.
Speaking at the handover ceremony, the Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, said the recovery underscored the commission’s efforts to return recovered funds and assets to their legitimate owners and victims.
Kaltungo said the handover was carried out in accordance with due process.
Dele Oyewale, Head, Media & Publicity, EFCC, signed the statement announcing the recovery and handover.
