The Economic and Financial Crimes Commission (EFCC) has recovered N38.66 billion in cash and assets in its ongoing investigation into the alleged misappropriation of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
According to the anti-graft agency, the recovered assets include N9.4 billion, $21.2 million, and several landed properties linked to suspects under investigation.
The probe centres on approximately $2.79 billion disbursed between 2021 and 2023 for the rehabilitation of the Nigerian National Petroleum Company Limited (NNPCL)-owned refineries in Port Harcourt, Warri, and Kaduna.
Investigators revealed that both former and current officials of the NNPCL, its subsidiary NETCO, refinery managers, and contractors are being investigated over allegations of conspiracy, diversion of public funds, money laundering, procurement fraud, and abuse of office.
The contracts being examined include $1.56 billion allocated to the Port Harcourt refinery, $740.7 million for the Kaduna refinery, and $492.3 million for the Warri refinery. However, investigators noted that despite the massive spending, there has been little evidence of significant improvement in refinery performance.
The EFCC has so far questioned over 30 NNPCL officials and more than 50 representatives of contracting firms, while also reviewing procurement documents, payment approvals, and ownership records of involved companies.
The commission further disclosed that assets worth hundreds of millions of naira, including multiple properties, have been traced to some of the officials under investigation. Interim forfeiture orders have already been secured on some of the properties pending prosecution.
The EFCC stated that all recovered funds have been deposited into its recovery accounts, while investigations remain ongoing.
The agency added that more arrests, asset recoveries, and prosecutions are expected as fresh evidence continues to emerge.
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BACKSTORY:
The investigation by the Economic and Financial Crimes Commission (EFCC) is tied to the Federal Government’s multi-billion-dollar refinery rehabilitation programme launched to revive Nigeria’s ageing state-owned refineries and reduce dependence on imported petroleum products.
Between 2021 and 2023, about $2.79 billion was approved for the turnaround maintenance of the Nigerian National Petroleum Company Limited (NNPCL)-managed refineries in Port Harcourt, Warri, and Kaduna. The funds were expected to restore refining capacity and improve local fuel production.
However, despite the huge investment, the refineries have continued to operate below expectations, with limited output and recurring operational setbacks. This raised public concern and triggered scrutiny over how the funds were spent.
The EFCC’s probe is now focused on allegations that parts of the rehabilitation funds were diverted through inflated contracts, procurement irregularities, and money laundering schemes involving officials, contractors, and other stakeholders. The latest recoveries are part of efforts to trace and reclaim assets suspected to have been acquired with the diverted funds.
