EFCC Recovers ₦38.6bn In NNPCL Refinery Funds Probe

EFCC Recovers ₦38.6bn In NNPCL Refinery Funds Probe
Several NNPCL officials and contractors are under investigation for alleged fraud.
More recoveries and prosecutions are expected as investigations continue.

The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦9.4 billion, $21.2 million and several landed properties as part of its investigation into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state owned refineries.

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EKO HOT BLOG reports that using the Central Bank of Nigeria’s official exchange rate of ₦1,380 to one dollar, the recovered $21.2 million is valued at about ₦29.26 billion, bringing the total cash recovery to approximately ₦38.66 billion.

The ongoing investigation focuses on billions of dollars released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries. During the period, the Nigerian National Petroleum Company Limited (NNPCL) awarded contracts worth about $2.79 billion, including $1.56 billion for the Port Harcourt Refinery, $740.7 million for Kaduna Refining and Petrochemical Company, and $492.3 million for the Warri Refining and Petrochemical Company.

Investigators are probing allegations of criminal conspiracy, diversion of public funds, abuse of office, breach of trust, money laundering and economic sabotage involving NNPCL officials, refinery managers and major contractors.

According to reports, more than 30 senior NNPCL officials and over 50 contractor representatives have been questioned. The EFCC has also obtained records from the Corporate Affairs Commission, the Central Bank of Nigeria and several commercial banks.

Former Port Harcourt Refinery Managing Director Ahmed Dikko is among those under investigation. The EFCC said it traced ₦983.9 million, $227,030 and three landed properties to him, while a senior Warri Refinery official, Jimoh Yisawu, allegedly had more than ₦1.4 billion and four properties linked to him. Interim forfeiture orders have reportedly been secured on the assets.

Despite billions of dollars spent on refinery rehabilitation, investigators said there was little evidence of corresponding improvements in refinery operations. The EFCC said investigations remain ongoing, with additional recoveries and prosecutions expected.