The Economic and Financial Crimes Commission (EFCC) has secured over N38.66 billion in cash and assets while investigating the suspected misuse of funds intended for the turnaround maintenance of Nigeria’s state refineries. Current and former staff of the Nigerian National Petroleum Company Limited (NNPCL), alongside various contractors, now face potential criminal charges.
To date, the anti-corruption body has retrieved N9.4 billion and $21.2 million, the latter valued at roughly N29.26 billion based on Central Bank rates, plus several real estate assets. This probe examines the handling of $2.79 billion allocated between 2021 and 2023 for the Port Harcourt, Warri, and Kaduna refinery projects. Allegations include money laundering, procurement fraud, economic sabotage, and conspiracy involving major contractors like Daewoo Engineering Nigeria and Tecnimont SPA.
Investigators discovered little operational improvement despite the massive capital injection, suggesting the money was diverted. EFCC agents have scrutinized procurement files, banking records, and payment histories, questioning over 80 individuals. Specific charges target figures like former Port Harcourt manager Ahmed Dikko and Warri official Jimoh Yisawu for approving unauthorized payments and inflated invoices. Significant assets tied to both individuals have been placed under interim forfeiture.
While the government continues to seek solutions for these aging facilities—including recent MOUs with Chinese firms—the refineries remain largely unproductive. The EFCC has indicated that the investigation continues, with more arrests and asset recoveries anticipated as evidence develops.
