Nigeria’s Economic and Financial Crimes Commission (EFCC) has recovered $21.2 million and 9.4 billion naira, equivalent to about 38.66 billion naira, in an investigation into alleged diversion of funds meant for the rehabilitation of state-owned refineries, sources at the agency told Reuters on Thursday, according to Premium Times.
The EFCC is preparing charges against former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL) and contractors over allegations of abuse of office, money laundering and contract fraud, the sources said.
The investigation focuses on contracts worth about $2.79 billion awarded between 2021 and 2023 for turnaround maintenance and rehabilitation of the Port Harcourt, Warri and Kaduna refineries, according to EFCC sources briefed on the matter.
The contracts included $1.56 billion for Port Harcourt Refining Company, $740.7 million for Kaduna Refining and Petrochemical Company, and $492.3 million for Warri Refining and Petrochemical Company. Daewoo Engineering Nigeria Limited, Tecnimont SPA and other subcontractors were engaged on the projects.
Investigators said they found no evidence of commensurate improvements in the operational status of the facilities despite the
At an official exchange rate of 1,380 naira to the dollar, the $21.2 million recovered is worth about 29.26 billion naira, bringing total recoveries to 38.66 billion naira so far. An additional $2.32 million was recovered through the Federal Inland Revenue Service, sources said.
The commission also secured interim forfeiture orders over several landed properties linked to officials under investigation.
Ahmed Dikko, a former managing director of Port Harcourt Refinery, was accused of approving direct payments to contractors from provisional sum funds, contrary to contractual terms that required Tecnimont to engage and pay them. The EFCC said it traced 983.9 million naira, $227,030 and three properties to Dikko, which he could not satisfactorily account for, sources said. Prosecutors are preparing criminal charges, they added.
Jimoh Yisawu, a senior official at Warri Refinery, faces allegations of approving payments to unqualified contractors, inflated invoices and contractual mark-ups exceeding $10 million and nearly 8 billion naira, the sources said. He was also accused of approving vouchers without cash-back arrangements, resulting in losses of about $7.47 million and 1.89 billion naira in tax revenue. More than 1.4 billion naira and four properties linked to him have been placed under interim forfeiture.
The EFCC has interrogated more than 30 senior NNPCL officials and over 50 staff of companies and subcontractors involved in the maintenance deals in the past year, according to the sources.
Those previously arrested include former Chief Financial Officer Umar Isa and ex-Port Harcourt Refinery managing directors Ahmed Adamu Dikko and Ibrahim Onoja, as well as Warri Refinery managing director Tunde Bakare.
Investigators said they uncovered violations of procurement procedures, questionable payment approvals and manipulation of contract processes.
A separate case involving alleged revenue fraud of $28.39 million and 665 million naira at Port Harcourt Refining Company is also being pursued, sources said.
Nigeria’s four state-run refineries have a combined capacity of 445,000 barrels per day but have operated far below capacity for decades. Warri Refinery, which reopened in December 2024, shut down in January 2025 over safety issues. NNPCL announced an outage at Port Harcourt Refinery in May 2025 for scheduled maintenance.
In October 2025, NNPCL said it had started a technical and commercial review of the three refineries. In April, it signed a memorandum of understanding with two Chinese firms to support completion and operation of Port Harcourt and Warri refineries.
NNPCL and the officials named did not immediately respond to requests for comment. The EFCC said the probe remains ongoing and further recoveries and prosecutions are expected.