EFCC recovers N38.66bn, assets in rehab fraud probe
The Economic and Financial Crimes Commission (EFCC) announced it has recovered N38.66 billion in cash and assets as part of its investigation into the alleged diversion of funds meant for rehabilitating Nigeria's state-owned refineries. The recovered sum includes N9.4 billion, $21.2 million and several landed properties linked to individuals under investigation. Investigators say about $2.79 billion was released between 2021 and 2023 for work on the Port Harcourt, Warri and Kaduna refineries, covering contracts worth $1.56 billion, $740.7 million and $492.3 million respectively. Despite the huge expenditure, investigators found little evidence of improved refinery operations. Over 30 Nigerian National Petroleum Company Limited (NNPCL) officials and more than 50 contractor representatives have been interrogated, procurement records and payment approvals reviewed, and interim forfeiture orders secured on some assets. The recovered funds have been paid into the EFCC's recovery accounts, with further arrests, recoveries and prosecutions expected as the probe continues.
This case highlights massive misuse of public money intended to revive domestic refining capacity, a sector whose continued failure keeps Nigeria dependent on costly fuel imports and subsidy payments. Citizens ultimately bear the cost through higher fuel prices and lost economic opportunities that a functional refining sector could provide.
What should you know or do? Stay informed through official EFCC updates, demand greater transparency and accountability from NNPC and government agencies overseeing refinery projects, and consider supporting calls for independent audits of future refinery funding to prevent similar losses.