Refinery Repairs: EFCC Recovers ₦9.4bn, $21.2m, Identifies Properties Linked To Officials

The commission stated that, based on the Central Bank of Nigeria’s official exchange rate of ₦1,380 to $1, the recovered $21.2 million is valued at approximately ₦29.26 billion, bringing the total monetary recoveries to about ₦38.66 billion.

The investigation, which covers the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, is examining allegations including criminal conspiracy, breach of trust, diversion of public funds, abuse of office, economic sabotage, and money laundering. Those under scrutiny reportedly include officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NNPC Engineering and Technical Company Limited, former and serving refinery managing directors, as well as contractors such as Daewoo Engineering Nigeria Limited and Tecnimont SPA.

Between 2021 and 2023, contracts worth about $2.79 billion were awarded for refinery rehabilitation projects across the three facilities. Despite the massive funding, investigators reportedly found no corresponding significant improvement in refinery operations.

EFCC sources disclosed that a review of procurement processes, payment records, and project execution revealed alleged financial irregularities, weak internal controls, and possible diversion of funds. More than 30 NNPCL officials and over 50 contractors and subcontractors have reportedly been interrogated, while the commission has also obtained financial records from the Central Bank of Nigeria, Corporate Affairs Commission, and several commercial banks.

One of the officials named in the investigation, a former Managing Director of the Port Harcourt Refinery, was accused of bypassing contractual procedures by authorizing direct payments to contractors outside approved frameworks. Investigators said ₦983.9 million, $227,030, and three properties were linked to him, which he could not satisfactorily account for, leading to an interim forfeiture order on the assets.

Similarly, a senior official of the Warri Refinery was alleged to have approved inflated payments, unqualified contractors, and contractual mark-ups exceeding $10 million and nearly ₦8 billion. Investigators also linked over ₦1.4 billion and four properties to him, which have also been placed under interim forfeiture.

The EFCC confirmed that the recovered ₦9.4 billion and $21.2 million have been deposited into its recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service. The commission also revealed that further investigations into alleged revenue fraud involving $28.39 million and ₦665 million are ongoing.

The anti-graft agency emphasized that the investigation is still active and additional recoveries and prosecutions are expected as more evidence emerges. Despite repeated funding over the years, Nigeria’s refineries have continued to underperform, with recent shutdowns and maintenance setbacks further deepening concerns over their operational viability.