In Nigeria, EFCC hands B4 Sail 140 million naira — Premium Times Nigeria
Nigeria’s Economic and Financial Crimes Commission (EFCC) handed B4 Sail Limited 140 million naira that the agency said it recovered during an investigation into alleged loan-fund fraud. Bawa Kaltungo, acting director of the EFCC’s Lagos zonal office, handed over the funds on Thursday in bank drafts, Premium Times Nigeria reports.
Loan complaint
According to the EFCC, the investigation was launched after a complaint from B4 Sail Limited, received in April. The company said it had been the victim of alleged deception in connection with a 500 million naira business loan agreement.
The complaint stated that in August 2025, Jacob Oyebola Esan, acting on behalf of Geo Fields Plc, requested a loan for business development. According to the complainant, the loan was provided for one month at 15% per month.
Shares as collateral
The EFCC said that Esan had previously received other loan funds from B4 Sail Limited, with his total loan obligations amounting to 1.065 billion naira. According to the commission, he provided shares belonging to him as collateral for these loans through Calyx Securities Limited, a clearing company for securities transactions.
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The agreement provided B4 Sail Limited with the right to retain the shares until the debt was repaid and a priority right to receive funds if they were sold. The EFCC also said that the managing director of Calyx Securities Limited, Gbolahan Aziz Bello, informed B4 Sail Limited of this right.
According to the EFCC, the investigation found that the shares provided as collateral were sold without B4 Sail Limited’s knowledge. The agency said this resulted in the suspect’s alleged failure to meet obligations under the loans, while the outstanding debt, together with accrued interest, rose to 2.25 billion naira.
Kaltungo noted that the recovery of the funds is part of the commission’s work to transfer assets recovered during investigations to their lawful owners and victims, in compliance with due process.
