National
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.
PIA: Prioritize investment in safe, sustainable drinking water – Okoritak community urges HCDTs in Akwa Ibom
2027: It’s my turn to lead Imo – Anyanwu declares
My wife cheated and threatened me with knife after she discovered I was dating two ladies in my church – Divorce-seeking man tells Oyo court
Iran atomic horror: Tehran claims it has 'no choice' but to build a nuclear bomb
I would rather join b@nditry than to sell kulikuli and akara – Singer, Mr Real
2027: It’s my turn to lead Imo – Anyanwu declares
VIDEO: ‘You can’t be a thief and a policeman,’ FCT CP warns against extortion
Investigation2 days agoNud£ painting done by Sigmund Freudâs grandson sells for a mind-blowing $39M at auction
- Society2 days ago
“I smuggled cocaine and marijuana to the UK for my son’s father, then served 10 years in prison”-Ghanaian woman recounts ordeal
- Investigation2 days ago
Stop insulting the intelligence of Nigerian women – Arise TV anchor, Ayo Mario-Ese knocks First lady, Remi Tinubu, over âAkara, Kuli-Kuliâ business advice
- Investigation3 days ago
‘I went to school and graduated, what did the government do for me?â â Tiktoker Jarvis fires back at Rapper Ycee over âPeller cultureâ comment
- Society3 days ago
Tears flow as Notre Dame Girls SHS student dies moments after completing final WASSCE paper
- National3 days ago
Court Orders EFCC To Immediately Withdraw Wanted Publications Against Dominic Duru, Khalidur Talukder; Stops Yellow Card From Further Using Security Agents In Commercial Dispute
- Breaking2 days ago
Ondo state government withholds WASSCE results of graduating students over signing out rampage
- Investigation3 days ago
âIf you can’t discipline your child, don’t bring them to public placesâ â Lady criticises âgentle parentingâ
