The Economic and Financial Crimes Commission has recovered over ₦5 billion and $10 million linked to widespread fraud in the turnaround maintenance of Nigeria’s three major refineries located in Port Harcourt, Kaduna, and Warri.
Preliminary investigations indicate that a network of contractors and senior officials at the Nigerian National Petroleum Company Limited allegedly siphoned off billions of naira through inflated contracts, over-invoicing, and questionable financial transactions.
The anti-graft agency is reportedly finalising plans to press charges against both former and current NNPCL executives involved in the alleged scheme.
According to sources within the commission, an additional ₦10 billion and $13 million traced to fraudulent contractors associated with the refinery projects are also being pursued for recovery.
The EFCC Chairman, Ola Olukoyede, is said to be directly overseeing the investigation, and has reportedly voiced his dismay over the persistent non-functional state of the refineries despite the substantial funds allocated for their rehabilitation.
Documents obtained during the investigation reveal that over $1.5 billion was assigned to the Port Harcourt refinery, $740 million to the Kaduna facility, and $656 million to the Warri refinery.
Despite these allocations, the refineries have failed to function efficiently for decades, forcing Nigeria to continue importing refined petroleum products.
A senior official at the EFCC disclosed that multiple former refinery management teams have undergone interrogation. “A total sum of $10 million and ₦5 billion has so far been recovered from contractors and government officials indicted in the fraud. More recoveries are underway,” the source stated.
The commission is also probing fresh allegations of contract inflation involving approximately $40 million. These allegations reportedly implicate NNPCL officials and contractors responsible for equipment procurement for the refinery rehabilitation projects.
With investigations into several suspects now complete, the EFCC is expected to initiate legal proceedings against former NNPCL officials and refinery managers identified in the multi-billion-naira fraud scheme.
