EFCC Recovers ₦38.66bn, Properties in Alleged Refinery Rehabilitation Fraud Probe
EFCC Recovers ₦38.66bn, Properties in Alleged Refinery Rehabilitation Fraud Probe
The Economic and Financial Crimes Commission (EFCC) has recovered assets worth approximately ₦38.66 billion in its ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
The recoveries include over ₦9.4 billion in cash, $21.2 million (estimated at about ₦29.26 billion at the official exchange rate), and several landed properties allegedly linked to suspects under investigation.
According to investigators, the probe centres on allegations of criminal conspiracy, diversion of public funds, money laundering, abuse of office, economic sabotage and contract fraud involving officials of Nigerian National Petroleum Company Limited, its subsidiary, the NNPC Engineering and Technical Company Limited (NETCO), former and serving refinery executives, and major contractors, including Daewoo Engineering Nigeria Limited and Tecnimont S.p.A.
The Federal Government awarded contracts valued at about $2.79 billion between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.
The projects included approximately $1.56 billion for the Port Harcourt refinery, $740.7 million for the Kaduna refinery and $492.3 million for the Warri refinery.
Investigators, however, said preliminary findings revealed little evidence that the facilities improved in line with the huge financial investments, raising suspicions that significant portions of the funds were diverted or misappropriated.
As part of the investigation, the EFCC has reportedly questioned more than 30 senior NNPCL officials and over 50 officials of contracting firms involved in the refinery projects. The anti-graft agency also reviewed procurement records, examined bank accounts and sought information from the Corporate Affairs Commission, the Central Bank of Nigeria and several commercial banks.
Among those implicated is Ahmed Adamu Dikko, a former managing director of the Port Harcourt Refinery, who is alleged to have approved payments to contractors in violation of contractual procedures. Investigators said they traced ₦983.9 million, $227,030 and three landed properties to him, all of which have been placed under interim forfeiture pending prosecution.
Another official, Jimoh Yisawu, is alleged to have approved inflated invoices, payments to unqualified contractors and contract mark-ups exceeding $10 million and nearly ₦8 billion during the Warri refinery rehabilitation project. The EFCC said more than ₦1.4 billion and four landed properties linked to him have also been placed under interim forfeiture.
The commission further disclosed that an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS), while investigators uncovered another suspected revenue fraud involving about $28.39 million and ₦665 million at the Port Harcourt Refining Company.
Despite billions of dollars spent on rehabilitation, Nigeria’s four state-owned refineries with a combined installed refining capacity of 445,000 barrels per day, have continued to face operational setbacks.
The Warri Refinery resumed operations in December 2024 but shut down a month later due to safety concerns, while the Port Harcourt Refinery was also taken offline in 2025 for scheduled maintenance.
The EFCC said investigations are continuing and that additional recoveries and criminal prosecutions are expected as more evidence emerges.
