EFCC Recovers N38.66bn in Refinery Fraud Probe, Set to Prosecute NNPC Officials

The Economic and Financial Crimes Commission (EFCC) has recovered over N38.66 billion in cash and assets in its ongoing probe into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state-owned refineries, with several current and former NNPC Limited (NNPCL) officials and contractors now facing possible prosecution.

So far, the agency has recovered N9.4 billion and $21.2 million (about N29.26 billion at the CBN’s official rate of N1,380/$1), along with several landed properties traced to individuals under investigation.

Investigators describe the case as one of the most far-reaching corruption probes in Nigeria’s oil sector, centred on the management of roughly $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. The allegations include criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office, money laundering, and procurement fraud involving NNPCL, its subsidiary NETCO, former refinery managing directors, and contractors such as Daewoo Engineering Nigeria Limited and Tecnimont SPA.

The federal government had awarded contracts worth about $2.79 billion for quick-fix repairs and turnaround maintenance — $1.56 billion for Port Harcourt, $740.7 million for Kaduna, and $492.3 million for Warri. Despite the spending, investigators found little evidence of improved refinery performance, fuelling suspicion that large sums were diverted or misappropriated.

The EFCC had last year arrested senior NNPCL officials linked to the probe, including former Chief Financial Officer Umar Isa, Warri Refinery MD Tunde Bakare, and former Port Harcourt Refinery MDs Ahmed Dikko and Ibrahim Onoja. More than 30 senior NNPCL staff and over 50 officials from contracting firms have since been questioned, alongside reviews of procurement records, payments, bank accounts, and company ownership trails.

Dikko is specifically accused of breaching contract procedures by approving direct payments to contractors from provisional sum funds rather than channelling them through Tecnimont. Investigators say they traced N983.9 million, $227,030, and three properties to him; an interim forfeiture order has reportedly been secured while charges are prepared.

A separate case has been built against Jimoh Yisawu over the Warri Refinery rehabilitation, accused of approving payments to unqualified contractors and inflated invoices exceeding $10 million and nearly N8 billion, causing an estimated $7.47 million and N1.89 billion in losses, including unremitted taxes. More than N1.4 billion and four properties traced to him have also been placed under interim forfeiture.

The N9.4 billion and $21.2 million recovered so far have been paid into EFCC recovery accounts, with an additional $2.32 million recovered via the FIRS. A further case involving alleged revenue fraud worth $28.39 million and N665 million has been established against Port Harcourt Refining Company management.

Nigeria’s four state refineries — combined installed capacity of 445,000 barrels per day — remain largely non-functional despite repeated rehabilitation efforts. The Warri refinery, which restarted in December 2024, shut down a month later over safety concerns, while Port Harcourt went offline in May 2025 for maintenance. NNPCL has since signed an MoU with two Chinese firms to support completion and possible expansion of the Port Harcourt and Warri plants, though details remain undisclosed.