The Economic and Financial Crimes Commission (EFCC) has recovered more than N9.4 billion, $21.2 million, and several landed properties in its ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
The recovered assets, including the dollar-denominated funds, are estimated to be worth over N38.66 billion, making the investigation one of the largest corruption probes involving Nigeria’s refinery rehabilitation programme.
Investigators are probing the management of billions of dollars allocated for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries, with preliminary findings indicating widespread violations of procurement procedures, questionable payment approvals and alleged manipulation of contract processes.
According to the investigation, several former and serving officials of the Nigerian National Petroleum Company (NNPC) Limited and contractors are being prepared for prosecution over allegations bordering on abuse of office, money laundering and contract fraud.
Among those reportedly implicated are former Managing Director of the Port Harcourt Refinery, Ahmed Dikko, and senior refinery official, Jimoh Yisawu. Investigators alleged that Dikko approved payments outside contractual provisions, while Yisawu is accused of authorising inflated invoices, irregular payments to contractors and contract mark-ups running into millions of dollars. Assets linked to both officials, including cash and landed properties, have been placed under interim forfeiture orders pending prosecution.
The probe is part of the EFCC’s broader investigation into the utilisation of funds earmarked for reviving Nigeria’s state-owned refineries, which have remained largely underperforming despite successive rehabilitation projects worth billions of dollars.
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