…charges are expected to be filed against both serving and retired officials of the NNPCL and managers of the refineries.
ABUJA, NIGERIA – The iNews Times | The Economic and Financial Crimes Commission (EFCC) has recovered over N5 billion and $10 million from contractors and public officials linked to fraudulent activities in the turnaround maintenance of NNPCL three dormant refineries – Port Harcourt, Kaduna, and Warri.
The development is part of a wider investigation led personally by EFCC Chairman Ola Olukoyede, who is said to be deeply displeased by the country’s continued dependence on imported fuel despite billions of dollars allocated over the years to revive domestic refining.
According to multiple credible sources within the commission, another N10 billion and $13 million are also being traced for recovery, having been allegedly siphoned through fraudulent contracts and inflated invoices tied to refinery rehabilitation.
“Nigeria has spent massive amounts on these refineries over the decades with virtually no results,” one EFCC source said. “So far, our investigations have uncovered systemic fraud, over-invoicing, inflated contracts, and questionable payments.”
The magnitude of funds under scrutiny is staggering. Investigators are probing the disbursement of $1.56 billion for Port Harcourt refinery, $740.6 million for Kaduna, and $656.9 million for Warri, most of which were allocated during successive administrations for so-called “turnaround maintenance” that has yielded minimal impact.
“The refineries remain largely moribund,” another top EFCC official confirmed. “We’ve interrogated past management teams and discovered repeated patterns of corruption and mismanagement.”
Insiders say the probe is now entering a critical phase. Charges are expected to be filed against both serving and retired officials of the Nigerian National Petroleum Company Limited (NNPCL) and managers of the refineries.
“Investigations have been concluded on several key individuals,” a source revealed. “We’re preparing to initiate prosecution. Both former and current management of the NNPCL may be held accountable.”
Further allegations involving $40 million in inflated equipment procurement contracts are also under active investigation, with the commission now focusing on contractors and NNPCL officials accused of collusion.
When contacted, the EFCC’s Head of Media and Publicity, Dele Oyewale, was unavailable for comment as calls and messages went unanswered. However, a senior official – speaking anonymously confirmed the recoveries and ongoing probe.
As Nigerians continue to face fuel scarcity and rising energy costs, the EFCC’s findings highlight what many see as the heart of the problem: a culture of unchecked financial impunity in the oil and gas sector. The commission says it is determined to hold all responsible parties to account and recover every stolen kobo.
