EFCC Recovers ₦38.66bn in Refinery Maintenance Probe, Targets Ex-NNPCL Officials

The Economic and Financial Crimes Commission (EFCC) has recovered ₦38.66 billion in cash and assets from its ongoing investigation into the rehabilitation of Nigeria’s state-owned refineries, as the anti-graft agency prepares criminal charges against former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), refinery executives, and contractors over alleged contract fraud, money laundering, abuse of office, and diversion of public funds.

An investigation by Premium Times revealed that the recoveries comprise more than ₦9.4 billion, $21.2 million, and several landed properties linked to individuals under investigation. Based on the Central Bank of Nigeria’s official exchange rate of ₦1,380/$1, the recovered foreign currency is valued at about ₦29.26 billion, bringing the total recovered assets to approximately ₦38.66 billion.

The investigation focuses on billions of dollars approved between 2021 and 2023 for the rehabilitation, turnaround maintenance, and quick-fix repairs of the Port Harcourt, Warri, and Kaduna refineries—projects investigators believe yielded little improvement in refinery operations despite the substantial financial outlay.