The Economic and Financial Crimes Commission (EFCC) has recovered ₦38.66 billion and several assets during an ongoing investigation into the alleged mismanagement of funds earmarked for the rehabilitation of Nigeria’s government-owned refineries.
The anti-graft agency said the recoveries include ₦9.4 billion, $21.2 million and multiple landed properties traced to individuals under investigation.
The probe centres on approximately $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
According to investigators, “several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NETCO, refinery managers and contractors are being investigated for alleged conspiracy, diversion of public funds, money laundering, procurement fraud and abuse of office”.
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The contracts being scrutinised involve $1.56 billion for the Port Harcourt refinery, $740.7 million for the Kaduna refinery and $492.3 million for the Warri refinery.
Investigators believe the massive spending was not matched by significant improvements in refinery operations, prompting a detailed review of how the funds were utilised.
As part of the investigation, the EFCC has questioned more than 30 current and former officials of the Nigerian National Petroleum Company Limited (NNPCL), alongside over 50 representatives of companies awarded the refinery contracts.
The agency has also reviewed procurement documents, payment approvals and company ownership records linked to the projects.
During the investigation, officials reportedly uncovered properties and other assets worth hundreds of millions of naira allegedly connected to some of the suspects.
Some of the identified assets have already been placed under interim forfeiture orders pending the outcome of court proceedings.
The EFCC said the recovered funds have been lodged in its designated recovery accounts while investigations continue.
The commission added that further arrests, asset recoveries and criminal prosecutions are expected as investigators uncover more evidence.
The investigation is part of broader efforts to ensure accountability in Nigeria’s oil sector, where the prolonged rehabilitation of state-owned refineries has attracted sustained public criticism over rising costs and limited operational results.