News Update
THE Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million from contractors and government officials indicted in the alleged multi-billion naira fraud tied to the turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri.
Investigations, according to EFCC sources, have also uncovered an additional ₦10 billion and $13 million believed to have been siphoned through inflated contracts and questionable payments, which the agency is working to recover.
The EFCC Chairman, Ola Olukoyede, is said to have personally overseen the probe, reportedly displeased by Nigeria’s continued reliance on imported petroleum products despite the billions allocated over the years to rehabilitate the refineries.
Nigeria’s four refineries have remained largely dormant for decades, despite successive administrations approving enormous funds for turnaround maintenance. Records show that $1.56 billion was allocated to the Port Harcourt refinery, $740.6 million to the Kaduna refinery, and $656.9 million to the Warri refinery, yet the facilities continue to underperform.
Top EFCC officials revealed that the fraud involved widespread over-invoicing, contract inflation, and irregular payments, which undermined the rehabilitation efforts. Former management teams of the three refineries have been repeatedly interrogated, with some already indicted.
“A total sum of $10 million and ₦5 billion has so far been recovered from contractors and officials involved in the fraud,” one source disclosed. “Investigations have been concluded on some officials of the Nigerian National Petroleum Company Limited (NNPCL) and charges will soon be filed.”
The source further revealed that both former and serving officials of the NNPCL and its subsidiary refineries may face prosecution. Fresh allegations of $40 million contract inflation, linked to equipment procurement for the rehabilitation projects, are also under investigation.
The EFCC’s spokesperson, Dele Oyewale, could not be reached for comments as of press time.
However, a senior official of the commission, who confirmed the recoveries, said the crackdown on refinery contract fraud would continue until all looted funds were recovered.