By Peace Erewunmi

The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦38.6 billion in cash and several landed properties as part of its ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries. The recovery marks a major breakthrough in one of the country’s most significant anti-corruption investigations in the oil and gas sector.

According to reports, the anti-graft agency has so far recovered ₦9.4 billion and $21.2 million from individuals and entities linked to the refinery rehabilitation contracts. Using the official Central Bank of Nigeria exchange rate, the dollar recovery translates to approximately ₦29.26 billion, bringing the total cash recovery to about ₦38.66 billion.

Investigators are examining how billions of dollars allocated for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries failed to deliver the expected operational outcomes despite substantial government expenditure. The probe focuses on allegations of contract inflation, over-invoicing, unauthorized payments, abuse of office, and other financial irregularities.

The EFCC’s investigation is linked to funds amounting to approximately $2.9 billion earmarked for refinery rehabilitation projects over the years. These allocations include over $1.5 billion for the Port Harcourt Refinery, about $740 million for the Kaduna Refinery, and roughly $657 million for the Warri Refinery.

Sources familiar with the investigation disclosed that several properties allegedly linked to key suspects have also been identified and placed under interim forfeiture orders pending the conclusion of legal proceedings. Investigators reportedly traced significant assets and unexplained wealth to some former officials connected with the refinery projects.

The latest recovery builds on earlier successes recorded by the EFCC in the refinery maintenance fraud investigation. Previous stages of the probe had yielded recoveries running into billions of naira and millions of dollars from contractors and government officials allegedly involved in fraudulent transactions.

Industry analysts say the investigation has renewed public scrutiny of Nigeria’s refinery rehabilitation programmes, which have consumed enormous public resources over the years while the facilities continued to underperform. The probe is expected to determine accountability and recover additional assets where wrongdoing is established.

The EFCC has indicated that investigations remain ongoing and that further recoveries and possible prosecutions may follow as more evidence emerges. The agency reaffirmed its commitment to ensuring accountability in the management of public funds and safeguarding national resources from abuse.