The Economic and Financial Crimes Commission (EFCC) has recovered more than N38.66 billion in cash and assets as part of a sweeping investigation into the alleged diversion of funds allocated for the rehabilitation of Nigeria’s state-owned refineries.
The anti-graft agency disclosed that the recoveries include N9.4 billion in cash, $21.2 million (estimated at N29.26 billion), and several landed properties linked to individuals under investigation.
The probe targets former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), refinery managers and contractors involved in refinery rehabilitation projects.
Probe Focuses on $2.79 Billion Refinery Rehabilitation Funds
Investigators are examining the management of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.
The contracts under scrutiny include:
$1.56 billion for the Port Harcourt Refining Company
$740.7 million for the Kaduna Refining and Petrochemical Company
$492.3 million for the Warri Refining and Petrochemical Company
According to investigators, despite the huge financial commitment, there is little evidence of significant improvements in refinery operations, raising concerns over possible misappropriation and diversion of public funds.
Former NNPCL Officials, Contractors Under Investigation
The EFCC described the case as one of the largest corruption investigations in Nigeria’s oil sector, involving allegations of criminal conspiracy, procurement fraud, money laundering, abuse of office, economic sabotage and breach of trust.
Among those previously detained and questioned are former NNPCL Chief Financial Officer Umar Isa, Warri Refinery Managing Director Tunde Bakare, and former Port Harcourt Refinery Managing Directors Ahmed Dikko and Ibrahim Onoja.
Investigators have reportedly interrogated more than 30 senior NNPCL officials and over 50 representatives of contracting firms and subcontractors linked to the refinery projects.
Assets Traced to Key Suspects
The EFCC said it traced assets worth N983.9 million, $227,030 and three landed properties to former Port Harcourt Refinery Managing Director Ahmed Dikko. Investigators alleged that Dikko approved payments outside contractual procedures and failed to provide satisfactory explanations for the assets.
An interim forfeiture order has reportedly been secured on the properties, while prosecutors prepare criminal charges.
In a separate development, investigators alleged that refinery official Jimoh Yisawu approved inflated contracts and payments to unqualified contractors, resulting in losses estimated at over $7.47 million and N1.89 billion in tax revenue.
The commission said more than N1.4 billion and four landed properties linked to Yisawu have also been placed under interim forfeiture.
More Recoveries and Prosecutions Expected
Sources familiar with the investigation revealed that the recovered N9.4 billion and $21.2 million have been paid into EFCC recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).
Investigators also uncovered a separate alleged revenue fraud involving $28.39 million and N665 million linked to the management of the Port Harcourt Refining Company.
The EFCC said investigations remain ongoing, with further recoveries, arrests and prosecutions expected as more evidence emerges.
Concerns Over Nigeria’s Refinery Rehabilitation Programme
The latest revelations have renewed concerns about the effectiveness of Nigeria’s refinery rehabilitation efforts despite billions of dollars spent over the years.
Nigeria’s four state-owned refineries have a combined installed refining capacity of 445,000 barrels per day but have remained largely underperforming for decades.
While the Warri Refinery briefly resumed operations in December 2024 before shutting down over safety concerns, the Port Harcourt Refinery was taken offline in May 2025 for scheduled maintenance.
NNPCL has since announced a technical and commercial review of the refineries and recently signed a memorandum of understanding with Chinese firms to support the completion, operation and possible expansion of the Port Harcourt and Warri facilities.
As of the time of filing this report, NNPCL and the officials named in the investigation had not publicly responded to the allegations.
