EFCC recovers N38.66bn, assets in refinery rehabilitation fraud probe

The Economic and Financial Crimes Commission, EFCC, has recovered N38.66 billion in cash and assets as part of its investigation into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state-owned refineries.

The anti-graft agency said recoveries include N9.4 billion, $21.2 million and several landed properties linked to individuals under investigation.

The probe focuses on about $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

According to investigators, “several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NETCO, refinery managers and contractors are being investigated for alleged conspiracy, diversion of public funds, money laundering, procurement fraud and abuse of office”.

The contracts under review include $1.56 billion for the Port Harcourt refinery, $740.7 million for Kaduna refinery and $492.3 million for Warri refinery. Investigators said there was little evidence of commensurate improvement in refinery operations despite the huge expenditure.

The EFCC has interrogated more than 30 NNPCL officials and over 50 representatives of contracting firms, It also reviewed procurement records, payment approvals and company ownership structures.

Investigators said assets worth hundreds of millions of naira and several properties were traced to some officials under probe, with interim forfeiture orders already secured on some of the assets pending prosecution.

The commission disclosed that recovered funds have been paid into its recovery accounts, while investigations continue.

More arrests, recoveries and prosecutions are expected as additional evidence emerges.

EFCC recovers N38.66bn, assets in refinery rehabilitation fraud probe