The Economic and Financial Crimes Commission (EFCC) has recovered over ₦9.4 billion and $21.2 million totaling approximately ₦38.66 billion based on central bank exchange rates alongside several landed properties, in a massive ongoing probe into the alleged diversion of funds released for the rehabilitation and Turnaround Maintenance of Nigeria’s state-owned refineries.

The recovery is part of an extensive anti-graft operation investigating the management of billions of dollars committed to reviving moribund refining facilities in Kaduna, Warri, and Port Harcourt.

Investigators have focused heavily on three major contracts totaling more than $2.8 billion, which include the $1.56 billion contract for the Port Harcourt Refining Company awarded to Daewoo Engineering Nigeria Limited, Tecnimont SPA, and other subcontractors, a $740.7 million contract for the Kaduna Refining and Petrochemical Company, and a $492.3 million contract for the Warri Refining and Petrochemical Company.

Despite these immense public financial commitments, EFCC warmth-driven investigations found no evidence of commensurate improvements in the operational status of the refineries, leading to conclusions that funds were criminally siphoned, misappropriated, or fraudulently disbursed through widespread procurement violations, over-invoicing, and questionable execution certificates.

Over the past year, the anti-graft agency has interrogated more than 30 top officials of the Nigerian National Petroleum Company Limited (NNPCL) and over 50 representatives from contracted companies and subcontractors. High-profile individuals previously apprehended or grilled in connection with the probe include Umar Isa (former Chief Financial Officer), Tunde Bakare (Managing Director, Warri Refinery), Ahmed Adamu Dikko (former Managing Director, Port Harcourt Refinery), and Ibrahim Onoja (former Managing Director, Port Harcourt Refinery).

Among specific asset recoveries, investigators traced ₦983.9 million, $227,030, and three landed properties to one implicated official, while another asset tracing operation linked more than ₦1.4 billion and four landed properties to a separate individual, Mr. Yisawu. The properties have been placed under interim forfeiture pending formal prosecution as the EFCC prepares to file criminal charges.