The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦9.4 billion, $21.2 million and several landed properties in an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
Using the Central Bank of Nigeria’s official exchange rate of ₦1,380 to the dollar published on Friday, the recovered $21.2 million is valued at about ₦29.26 billion, bringing the total cash recovered so far to approximately ₦38.66 billion.
The recoveries are part of a sweeping investigation into the management of billions of dollars released for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.
According to Premium Times, the investigation focuses on allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering.
Officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, NNPC Engineering and Technical Company Limited, 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, are among those under investigation.
Between 2021 and 2023, the Federal Government, through NNPCL, awarded refinery rehabilitation contracts valued at about $2.79 billion. The contracts comprised 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.
Despite the massive expenditure, investigators reportedly found little evidence of corresponding improvements in the operational performance of the refineries.
EFCC sources said substantial portions of the funds may have been diverted, misappropriated or fraudulently disbursed by officials responsible for executing the projects. Investigators reviewed procurement processes, contract payments, project implementation and financial control mechanisms.
More than 30 senior NNPCL officials and over 50 officials of contractors and subcontractors involved in the refinery rehabilitation projects have reportedly been questioned.
The commission also obtained information from the Corporate Affairs Commission, the Central Bank of Nigeria and several commercial banks as part of the probe.
One of the officials named in the investigation is Ahmed Dikko, former managing director of the Port Harcourt Refinery. Investigators accused him of violating due process in the execution of the refinery rehabilitation contract by allegedly approving direct payments to contractors from provisional sum funds, contrary to contractual provisions requiring such contractors to be engaged and paid by Tecnimont.
The EFCC said it traced ₦983.9 million, $227,030 and three landed properties to Dikko, assets investigators said he could not satisfactorily account for. An interim forfeiture order has reportedly been obtained over the properties, while prosecutors prepare charges.
Investigators also said they established a prima facie case against a senior Warri refinery official, Jimoh Yisawu.
Yisawu was accused of approving payments to unqualified third-party contractors, authorising inflated invoices and approving contractual mark-ups exceeding $10 million and nearly ₦8 billion.
He was further accused of approving payment vouchers without the required cash-back arrangements, actions investigators said resulted in losses of about $7.47 million and ₦1.89 billion in tax revenue.
The EFCC said more than ₦1.4 billion and four landed properties were traced to Yisawu. The properties have been placed under interim forfeiture pending prosecution.
Sources within the commission disclosed that the recovered ₦9.4 billion and $21.2 million had been paid into EFCC recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service.
Investigators also revealed a separate case involving alleged revenue fraud amounting to $28.39 million and ₦665 million against the management of the Port Harcourt Refining Company, with efforts underway to recover the funds.
The EFCC said investigations remain ongoing and that additional recoveries and prosecutions are expected as more evidence emerges.
Nigeria has four state-owned refineries, including two in Port Harcourt, with a combined installed capacity of 210,000 barrels per day. The Kaduna refinery has an installed capacity of 110,000 barrels per day, while the Warri refinery has a capacity of 125,000 barrels per day, giving the country a total installed refining capacity of 445,000 barrels per day.
Despite repeated funding for repairs and rehabilitation over several decades, the refineries have continued to experience operational challenges and have failed to operate at optimal capacity.
The Warri refinery, which resumed operations in December 2024, shut down in January 2025 because of safety concerns, while NNPCL later announced maintenance-related outages at the Port Harcourt refinery.
With efforts to fully revive the facilities yet to yield the desired results, the Federal Government and NNPCL have continued to seek strategic investors and technical partners to restore operations and reduce Nigeria’s dependence on imported petroleum products.
