Anti-Graft Agency Recovers N38.66bn, Assets in Probe of Refinery Rehabilitation Funds
The Economic and Financial Crimes Commission (EFCC) has recovered about N38.66 billion and multiple properties in an ongoing investigation into the handling of funds allocated for the rehabilitation of Nigeria’s state-owned refineries.
The recovered amount includes over N9.4 billion and $21.2 million, which amounts to roughly N29.26 billion at the prevailing official exchange rate. Additional recoveries were also made through tax authorities as part of the probe.
The investigation is centred on contracts valued at approximately $2.79 billion awarded between 2021 and 2023 for the repair and upgrade of the Port Harcourt, Warri and Kaduna refineries.
According to findings, the probe involves officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NETCO, and several contractors engaged for the projects. Allegations under review include diversion of funds, abuse of office, breach of trust and money laundering.
Preliminary assessments by investigators indicate that the large-scale financial commitments have not translated into significant improvements in refinery operations, raising concerns about possible mismanagement of resources.
Sources familiar with the process disclosed that numerous officials have been questioned, while financial transactions, procurement procedures and contract execution records are being thoroughly examined. Regulatory agencies and financial institutions have also been engaged to track funds and verify company ownership.
Some individuals under investigation are linked to approvals of disputed payments, inflated contract values and breaches of due process. Authorities have traced substantial sums and assets to certain officials, with interim forfeiture actions already in place in some instances.
The commission is also reviewing a separate case involving alleged revenue losses tied to refinery operations, with recovery efforts ongoing.
The probe has renewed scrutiny of previous refinery rehabilitation programmes, as the facilities continue to operate below expected capacity despite repeated government investments.
The EFCC indicated that investigations are still in progress, with further recoveries and possible prosecutions anticipated as more details emerge.
