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| EFCC NNPCL |
The Economic and Financial Crimes Commission (EFCC) has reportedly recovered assets and funds valued at ₦38.66 billion
In connection with its ongoing investigation into the rehabilitation and maintenance of Nigeria’s state-owned refineries.
The anti-graft agency is also said to be preparing criminal cases against several former and serving officials linked to the management of refinery rehabilitation contracts awarded over the past few years.
According to findings reported by PetroleumPrice.ng, the recoveries include more than ₦9.4 billion in cash, approximately $21.2 million, and several landed properties allegedly traced to individuals connected with the projects. Based on prevailing exchange rates, the recovered dollar funds account for a significant portion of the total amount recovered so far.
The investigation centres on contracts awarded for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries. Authorities are examining allegations ranging from contract fraud and abuse of office to money laundering, diversion of public funds and violations of procurement procedures.
Reports indicate that the Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), committed about $2.79 billion between 2021 and 2023 to refinery rehabilitation projects. Despite the huge expenditure, investigators reportedly found little evidence that the facilities achieved the expected level of operational improvement.
Sources familiar with the probe disclosed that EFCC investigators reviewed payment records, procurement processes and project implementation documents while questioning dozens of officials from NNPCL and contracting firms involved in the projects. The commission also reportedly sought information from financial institutions and regulatory agencies as part of the investigation.
Among those allegedly implicated are former refinery executives and officials accused of authorising questionable payments, approving inflated invoices and bypassing established contractual procedures. Some assets linked to suspects have reportedly been placed under interim forfeiture orders pending further legal action.
Investigators are also examining additional cases involving suspected revenue losses and irregular financial transactions connected to refinery operations. More recoveries and possible prosecutions are expected as the investigation continues.
The development has renewed public scrutiny of Nigeria’s refinery rehabilitation efforts, which have consumed billions of dollars over the years despite continued operational challenges at the facilities.
Source: petroleumprice.