The Economic and Financial Crimes Commission (EFCC) has successfully retrieved N38.66 billion, consisting of both cash and various assets, during its inquiry into the reported mismanagement of funds designated for upgrading Nigerian state refineries.
These recovered items include N9.4 billion, $21.2 million in foreign currency, and multiple real estate holdings connected to those currently under suspicion. The investigation scrutinizes the utilization of approximately $2.79 billion allocated from 2021 to 2023 for restoring facilities in Port Harcourt, Warri, and Kaduna.
Authorities are questioning numerous past and present staff from the Nigerian National Petroleum Company Limited (NNPCL), the NETCO subsidiary, alongside refinery management and private contractors. The charges involve money laundering, procurement malpractice, fund diversion, and official misconduct. Financial allocations under scrutiny include $1.56 billion for the Port Harcourt site, $740.7 million for the Kaduna facility, and $492.3 million for the Warri refinery. Investigators noted that the significant spending has not resulted in verifiable operational progress.
To date, the EFCC has questioned over 30 NNPCL employees and more than 50 contracting firm representatives. They are also auditing payment approvals and procurement documentation. Several properties and assets linked to the suspects have been placed under interim forfeiture, and the recovered capital is now held in official commission accounts as the probe proceeds.