EFCC recovers N38.66 billion in refinery fund probe as Nigeria's refineries remain dormant
The Economic and Financial Crimes Commission has recovered N9.4 billion, $21.2 million (approximately N29.26 billion at CBN's N1,380/$1 rate), and several landed properties in its investigation into alleged diversion of funds for rehabilitating Nigeria's Port Harcourt, Warri and Kaduna refineries. This brings the total recovered so far to N38.66 billion, with investigators describing it as one of the most extensive probes into the management of billions committed to reviving the country's moribund refineries.
The federal government awarded contracts worth approximately $2.79 billion between 2021 and 2023 for quick-fix repairs and turnaround maintenance, including $1.56 billion for Port Harcourt Refining Company awarded to Daewoo Engineering Nigeria Limited and Tecnimont SPA. Despite these huge financial commitments, investigators found no evidence of commensurate improvements in operational status, suggesting funds were criminally diverted or embezzled. Specific officials implicated include former Port Harcourt Refinery Managing Director Ahmed Dikko (linked to N983.9 million, $227,030 and three properties) and Warri refinery senior official Jimoh Yisawu (linked to N1.4 billion and four properties).
All four of Nigeria's state-run refineries continue to operate far below capacity, with Warri Refinery shutting down in January 2025 due to safety issues and Port Harcourt Refinery currently undergoing maintenance. The EFCC has interrogated over 30 NNPC officials and 50+ contractor employees, with additional recoveries and prosecutions expected as the probe continues.
With N38.66 billion recovered but refineries still non-functional, what does this mean for Nigeria's energy security and accountability when citizens face persistent fuel shortages and price volatility?