Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
In a report made available to reporters on the 27th of June, 2026, the Economic and Financial Crimes Commission (EFCC) has recovered over N9.4 billion, $21.2 million, and several landed properties in an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation and turnaround maintenance of Nigeria's refineries. Based on the Central Bank of Nigeria's official market rate of N1,380/$1 posted on Friday, the $21.2 million recovered is approximately N29.26 billion, bringing the total amount recovered so far to N38.66 billion. An additional $2.32 million was reportedly recovered through the Federal Inland Revenue Service (FIRS).
The recoveries are part of what investigators described as one of the most extensive probes into the management of billions of dollars committed to reviving the country's moribund refineries. The investigation centres on allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office, and money laundering involving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NNPC Engineering and Technical Company Limited (NETCO), former and serving managing directors of the Port Harcourt, Warri, and Kaduna refineries, as well as major contractors including Daewoo Engineering Nigeria Limited and Tecnimont SPA. The anti-graft agency is preparing to prosecute some former and serving officials of the NNPC and contractors over the alleged offences.
The federal government, through the NNPCL, awarded contracts worth approximately $2.79 billion between 2021 and 2023 for quick-fix repairs, turnaround maintenance, and rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. The contracts included approximately $740.7 million for the Kaduna Refining and Petrochemical Company, $492.3 million for the Warri Refining and Petrochemical Company, and $1.56 billion for the Port Harcourt Refining Company, which was awarded to Daewoo Engineering Nigeria Limited, Tecnimont SPA, and other subcontractors.
Despite the huge financial commitment, investigators said they found no evidence of commensurate improvements in the operational status of the facilities, which suggests that over time, funds released have been criminally diverted or embezzled. Investigators say their findings show that substantial portions of the funds were diverted, misappropriated, or fraudulently disbursed by officials entrusted with executing the projects. Investigators discovered fraudulent dealings through over-invoicing, contract inflation, and questionable payments, which were largely responsible for the malfunctioning of the refineries.
Last year, PREMIUM TIMES reported that the EFCC arrested several top officials of the NNPC in connection with the alleged multi-billion naira fraud associated with the rehabilitation of the refineries. At the time, both former and current officials of the company were apprehended, including a former Chief Financial Officer, Umar Isa; Tunde Bakare, managing director of Warri Refinery; Ahmed Adamu Dikko, former managing director of Port Harcourt Refinery; and Ibrahim Onoja, former managing director of Port Harcourt Refinery.
Over the past year, the EFCC has interrogated over 30 top officials of the NNPC in connection with the alleged crime. Similarly, more than 50 officials of the companies and subcontractors involved in the maintenance deals have been quizzed by investigators so far. The former Group CEO of NNPCL, Mele Kyari, was also questioned over allegations linked to funds spent on refinery rehabilitation and maintenance projects. The EFCC had ordered Kyari to report to its headquarters daily as part of the ongoing investigation.
In the course of the investigation, the EFCC sought clarifications from the Corporate Affairs Commission (CAC). Several letters were reportedly written to ascertain the authenticity and original owners of companies involved, several bank accounts of individuals involved were thoroughly reviewed, and information was sought from the Central Bank and several commercial banks on the matter.
The investigation is part of a broader scrutiny of Nigeria's long history of failed refinery repairs. Recent disclosures showed that trillions of Naira were spent on refinery rehabilitation and maintenance between 2023 and 2024 alone. The EFCC is probing an alleged $7.2 billion fraud linked to these failed rehabilitations. The probe focuses particularly on $18 billion spent since 2010 on refinery maintenance, including $656.9 million for Warri refinery, $740.6 million for Kaduna, and $1.55 billion for Port Harcourt.
The EFCC has recovered over N5 billion and $10 million from contractors and government officials indicted in the fraud in the turnaround maintenance of the nation's refineries in Port Harcourt, Kaduna, and Warri. In a related development, a Federal High Court in Abuja ordered the final forfeiture of N3.44 billion and three properties linked to a former official of the NNPC, which the EFCC said formed part of proceeds linked to an alleged scheme involving conspiracy, kickbacks, bribery, and money laundering.
The anti-graft agency is continuing its investigation and has indicated that it will pursue prosecution of all those found to have been involved in the fraudulent diversion of funds meant for the rehabilitation of Nigeria's refineries.
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