THE Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million from contractors and officials implicated in the multi-billion-dollar fraud that crippled the rehabilitation of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri.
Investigations, according to reliable sources, are also zeroing in on an additional ₦10 billion and $13 million allegedly siphoned by contractors under the guise of turnaround maintenance (TAM) contracts that yielded little or no results despite huge allocations.
The EFCC Chairman, Ola Olukoyede, is said to have taken personal charge of the investigation, expressing frustration at the continued dormancy of the country’s refineries despite decades of heavy spending running into billions of dollars.
Nigeria’s four state-owned refineries have remained largely non-functional, forcing the nation to rely on imported petroleum products despite successive administrations allocating vast sums for their rehabilitation.
Findings by the commission revealed that a staggering $1.55 billion was allocated for Port Harcourt refinery, $740.6 million for Kaduna refinery, and $656.9 million for Warri refinery.
Yet, the facilities remain moribund.
Sources familiar with the probe disclosed that widespread over-invoicing, contract inflation, and questionable payments were at the heart of the fraud, which spanned several years and administrations.
“Our investigation into the turnaround maintenance of the nation’s refineries has yielded major discoveries of large-scale fraud,” a senior EFCC official said.
“A total of $10 million and ₦5 billion have so far been recovered from contractors and government officials. Some of the suspects include former and serving members of NNPCL and refinery management teams.”
Former management teams of the three refineries were repeatedly interrogated over fraudulent dealings. EFCC insiders confirmed that investigations into some ex-officials of the Nigerian National Petroleum Company Limited (NNPCL) had been concluded, and the commission was preparing charges against them.
“Both former and present management of the NNPCL and refineries may be charged in court soon,” the source added.
In addition to the recoveries, EFCC investigators are also probing a fresh $40 million case of contract inflation linked to procurement of equipment for rehabilitation projects.
The new development suggests the refinery fraud runs even deeper than initially feared, involving multiple contractors and officials across different administrations.
A senior investigator disclosed that efforts were ongoing to trace and recover more looted funds.
“While we have recovered ₦5 billion and $10 million already, another ₦10 billion and $13 million are due for recovery from contractors who benefited from inflated rehabilitation contracts,” the source said.
When contacted, the EFCC spokesperson, Dele Oyewale, did not respond to calls and messages.
However, a senior official of the commission, speaking on condition of anonymity, confirmed the recoveries and hinted at imminent prosecutions.
The revelations highlight why Nigeria’s refineries, despite swallowing billions of dollars over decades, remain dormant and unproductive.