The Economic and Financial Crimes Commission has recovered more than N38.66 billion in cash and assets from an investigation into alleged fund diversion at Nigeria's state-owned refineries. Several current and former Nigerian National Petroleum Company Limited officials and contractors now face criminal prosecution over the matter.
So far, the anti-graft agency has retrieved N9.4 billion and $21.2 million, roughly N29.26 billion at the Central Bank of Nigeria's official exchange rate of N1,380 to the dollar. The recovery also includes numerous landed properties linked to persons under investigation.
Investigators have described the probe as among the most comprehensive corruption inquiries in Nigeria's oil sector. The focus centres on approximately $2.79 billion released between 2021 and 2023 for repairs at the Port Harcourt, Warri and Kaduna refineries.
Findings point to allegations involving criminal conspiracy, criminal breach of trust, fund diversion, economic sabotage, abuse of office, money laundering and procurement fraud. Those implicated include NNPCL officials, executives from its subsidiary NNPC Engineering and Technical Company Limited, managing directors from all three refineries and major contractors like Daewoo Engineering Nigeria Limited and Tecnimont SPA.
The Federal Government had awarded contracts worth approximately $2.79 billion for quick-fix repairs and rehabilitation work across the facilities. Port Harcourt received about $1.56 billion, Kaduna got $740.7 million and Warri received $492.3 million.
Despite this substantial investment, investigators found little proof of corresponding improvements in refinery performance. The discovery raised serious suspicions that substantial sums were diverted, misappropriated or fraudulently paid out.
These findings have intensified scrutiny of past government attempts to rehabilitate Nigeria's refineries, which continue operating well below their designed capacity despite repeated public fund injections. The EFCC arrested several senior NNPCL officials last year in connection with the case.
Those detained included former chief financial officer Umar Isa, Warri refinery managing director Tunde Bakare, and former Port Harcourt refinery managing directors Ahmed Dikko and Ibrahim Onoja. The commission has now interrogated more than 30 senior NNPCL staff and over 50 officials from contracting firms and subcontractors involved in the projects.
Investigators examined procurement procedures, reviewed project execution, analysed payment records and scrutinised bank accounts. They also sought information from the Corporate Affairs Commission, the Central Bank of Nigeria and commercial banks while tracing ownership of companies linked to the contracts.
Sources familiar with the investigation said the EFCC uncovered widespread procurement violations, questionable payment approvals and contract manipulation allegedly enabled by officials at various management levels. Criminal charges are expected to follow.
