The Economic and Financial Crimes Commission (EFCC) has recovered ₦38.66 billion in cash and assets from its ongoing investigation into the rehabilitation of Nigeria’s state-owned refineries, as the anti-graft agency prepares criminal charges against former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), refinery executives, and contractors over alleged contract fraud, money laundering, abuse of office, and diversion of public funds.
An investigation by Premium Times revealed that the recoveries comprise more than ₦9.4 billion, $21.2 million, and several landed properties linked to individuals under investigation. Based on the Central Bank of Nigeria’s official exchange rate of ₦1,380/$1, the recovered foreign currency is valued at about ₦29.26 billion, bringing the total recovered assets to approximately ₦38.66 billion.
The investigation focuses on billions of dollars approved between 2021 and 2023 for the rehabilitation, turnaround maintenance, and quick-fix repairs of the Port Harcourt, Warri, and Kaduna refineries—projects investigators believe yielded little improvement in refinery operations despite the substantial financial outlay.
Contracts valued at about $2.79 billion were awarded during the period, including $1.56 billion for the Port Harcourt Refining Company, $740.7 million for the Kaduna Refining and Petrochemical Company, and $492.3 million for the Warri Refining and Petrochemical Company. The projects involved contractors, including Daewoo Engineering Nigeria Limited, Tecnimont SPA, and several subcontractors.
Investigators are probing allegations of criminal conspiracy, breach of trust, abuse of office, economic sabotage, money laundering, and diversion of public funds involving officials of NNPCL, its subsidiary NNPC Engineering and Technical Company Limited (NETCO), former and serving refinery managing directors, and contractors associated with the rehabilitation projects.
The investigation found widespread irregularities in procurement procedures, payment approvals, and contract execution, with investigators alleging that significant portions of funds released for the refinery projects were diverted or fraudulently disbursed without corresponding improvements in refinery performance.
The probe follows a series of EFCC arrests over the past year involving senior officials connected to the refinery rehabilitation programme. More than 30 current and former NNPCL officials, alongside over 50 officials of contracting firms and subcontractors, have reportedly been questioned.
As part of the investigation, the EFCC obtained records from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN), and several commercial banks while reviewing corporate ownership structures and financial transactions linked to the contracts.
Among those named is former Port Harcourt Refinery Managing Director Ahmed Adamu Dikko, who investigators accuse of approving payments to contractors outside the contractual framework governing the refinery rehabilitation.
Investigators traced about ₦983.9 million, $227,030, and three landed properties to Dikko, assets the EFCC said could not be satisfactorily explained. An interim forfeiture order has already been secured over the properties while prosecutors prepare criminal charges.
Another official under investigation is Jimoh Yisawu, a senior official linked to the Warri Refinery rehabilitation project.
Investigators alleged that Yisawu approved payments to unqualified third-party contractors, authorised inflated invoices, and approved contractual mark-ups exceeding $10 million and nearly ₦8 billion.
He is also accused of approving payment vouchers without the required cash-back arrangements, actions investigators believe resulted in losses of about $7.47 million and ₦1.89 billion in tax revenue.
The investigation traced more than ₦1.4 billion and four landed properties to Yisawu. Those assets have also been placed under interim forfeiture pending prosecution.
Beyond the recoveries already secured, investigators disclosed that an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).
The EFCC is also pursuing a separate investigation involving alleged revenue fraud valued at $28.39 million and ₦665 million linked to the management of the Port Harcourt Refining Company, with recovery efforts continuing.
The investigation has renewed scrutiny of Nigeria’s refinery rehabilitation programme after billions of dollars were committed to facilities that continue to struggle with operational challenges.
Nigeria’s four state-owned refineries have a combined installed processing capacity of 445,000 barrels per day, comprising two plants under the Port Harcourt Refining Company with a combined capacity of 210,000 barrels per day, the 125,000-barrel-per-day Warri Refining and Petrochemical Company, and the 110,000-barrel-per-day Kaduna Refining and Petrochemical Company.
Despite repeated rehabilitation programmes, the facilities have continued to experience operational setbacks. Warri Refinery, which resumed operations in late 2024, shut down again in early 2025 due to safety concerns, while the Port Harcourt Refinery was later taken offline for scheduled maintenance.
NNPCL has since commenced a technical and commercial review of the refineries and recently signed a memorandum of understanding with two Chinese companies to support the completion, operation, and possible expansion of the Port Harcourt and Warri refinery projects.
The report said the EFCC investigation remains ongoing, with investigators expecting additional recoveries and prosecutions as more evidence emerges. Efforts to obtain reactions from NNPCL and the officials named in the investigation were unsuccessful as of the time of publication.