The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦9.4 billion, $21.2 million, and several landed properties as part of an ongoing investigation into the alleged diversion of funds allocated for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries.
Using 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 value of assets and funds recovered so far to about ₦38.66 billion.
The investigation is regarded as one of the largest probes into the management of billions of dollars earmarked for restoring the country’s refineries.
According to investigators, the case involves allegations of criminal conspiracy, breach of trust, diversion of public funds, money laundering, abuse of office, and economic sabotage. Those under investigation include officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NNPC Engineering and Technical Company Limited (NETCO), former and serving managing directors of the Port Harcourt, Warri, and Kaduna refineries, as well as contractors involved in the rehabilitation projects.
Between 2021 and 2023, contracts valued at about $2.79 billion were awarded for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. However, investigators said there is little evidence to show that the facilities experienced improvements proportional to the massive financial investment, raising concerns that large sums may have been diverted or mismanaged.
The probe has involved extensive reviews of procurement procedures, contract execution, payment approvals, bank transactions, and company ownership records. Investigators also examined information obtained from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria, and several commercial banks.
Authorities claim they uncovered widespread violations of procurement rules, questionable approvals for payments, and manipulation of contract processes, with several senior officials allegedly authorising transactions that breached established financial regulations.
Among those implicated is former Port Harcourt Refinery Managing Director Ahmed Dikko, who is accused of approving contractor payments outside agreed contractual procedures. Investigators said they traced ₦983.9 million, $227,030, and three landed properties to him, leading to an interim forfeiture order while criminal charges are being prepared.
Another official, Jimoh Yisawu, is alleged to have approved payments to unqualified contractors, inflated invoices, and contract mark-ups worth over $10 million and nearly ₦8 billion during the Warri Refinery rehabilitation. Investigators also linked more than ₦1.4 billion and four landed properties to him, all of which have been placed under interim forfeiture.
So far, the EFCC has recovered ₦9.4 billion and $21.2 million, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS). Investigators also disclosed a separate case involving alleged revenue fraud amounting to $28.39 million and ₦665 million connected to the management of the Port Harcourt Refining Company.
The investigation has renewed concerns over the effectiveness of the multi-billion-dollar refinery rehabilitation programme, especially as Nigeria’s refineries continue to struggle with poor operational performance despite years of heavy government spending. The EFCC said investigations are still ongoing, with more recoveries and possible prosecutions expected as additional evidence emerges.
