The Economic and Financial Crimes Commission (EFCC) has recovered N38.66 billion in cash and assets during its ongoing probe into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state-owned refineries.
The recoveries include N9.4 billion in cash, $21.2 million, and several landed properties linked to individuals under investigation.
The probe centres on approximately $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
The contracts under scrutiny include $1.56 billion for Port Harcourt, $740.7 million for Kaduna, and $492.3 million for Warri.
Despite the massive expenditure, investigators noted little evidence of significant improvement in the refineries’ operations.
Several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NETCO, refinery managers, and contractors are being investigated for alleged conspiracy, diversion of public funds, money laundering, procurement fraud, and abuse of office.
The EFCC has interrogated more than 30 NNPCL officials and over 50 representatives of contracting firms. It also reviewed procurement records, payment approvals, and company ownership structures.
Assets worth hundreds of millions of naira and several properties have been traced to some of the officials under probe, with interim forfeiture orders already secured on some of them pending prosecution.
The commission said recovered funds have been paid into its recovery accounts, while investigations continue.
More arrests, recoveries, and prosecutions are expected as additional evidence emerges.
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