The Economic and Financial Crimes Commission (EFCC) has recovered more than N38.66 billion in cash and assets in an ongoing investigation into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state-owned refineries.
The recovered assets include N9.4 billion in cash, $21.2 million (worth about N29.26 billion at the Central Bank of Nigeria’s official exchange rate of N1,380/$1), as well as several landed properties allegedly linked to individuals under investigation.
The probe, described by investigators as one of the largest corruption investigations in Nigeria’s oil sector, centres on the management of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
According to investigators, the case involves allegations of criminal conspiracy, diversion of public funds, economic sabotage, abuse of office, money laundering, procurement fraud and criminal breach of trust. Those under investigation include former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, NNPC Engineering and Technical Company Limited (NETCO), former managing directors of the refineries, and contractors, including Daewoo Engineering Nigeria Limited and Tecnimont SPA.
The Federal Government had approved approximately $1.56 billion for the rehabilitation of the Port Harcourt Refinery, $740.7 million for the Kaduna Refining and Petrochemical Company, and $492.3 million for the Warri Refining and Petrochemical Company.
Despite the huge investment, investigators said there is little evidence of significant operational improvement across the refineries, raising suspicions that substantial portions of the funds were diverted or fraudulently disbursed.
The EFCC had previously arrested several senior NNPCL officials in connection with the investigation, including former Chief Financial Officer Umar Isa, Warri Refinery Managing Director Tunde Bakare, and former Port Harcourt Refinery Managing Directors Ahmed Dikko and Ibrahim Onoja.
So far, more than 30 senior NNPCL officials and over 50 officials of contracting firms and subcontractors have been interrogated. Investigators have also reviewed procurement records, payment approvals, project execution reports, bank transactions and company ownership documents obtained from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN) and commercial banks.
The investigation allegedly uncovered widespread procurement violations, irregular payment approvals and manipulation of contract processes.
Investigators accused former Port Harcourt Refinery Managing Director Ahmed Dikko of approving direct payments to contractors from provisional sum funds in violation of contractual procedures. The EFCC said it traced assets worth N983.9 million, $227,030, and three landed properties to him, which he allegedly failed to satisfactorily account for. An interim forfeiture order has reportedly been secured while prosecutors prepare criminal charges.
Similarly, a prima facie case has reportedly been established against Jimoh Yisawu, a senior official linked to the Warri Refinery rehabilitation project. He is accused of approving payments to unqualified contractors, authorising inflated invoices and contractual mark-ups exceeding $10 million and N8 billion, as well as approving payment vouchers that allegedly resulted in losses estimated at $7.47 million and N1.89 billion in tax revenue.
The EFCC said it traced more than N1.4 billion and four landed properties to Yisawu, assets investigators claimed he could not satisfactorily explain. The properties have also been placed under interim forfeiture pending prosecution.
Sources disclosed that the recovered N9.4 billion and $21.2 million have been paid into the EFCC’s recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).
Investigators also revealed a separate case involving alleged revenue fraud valued at $28.39 million and N665 million linked to the management of the Port Harcourt Refining Company, with recovery efforts still ongoing.
The investigation continues, with officials indicating that more recoveries, arrests and criminal prosecutions are expected as additional evidence emerges.
Nigeria’s four state-owned refineries have a combined installed refining capacity of 445,000 barrels per day, yet they have remained largely non-functional despite repeated government-funded rehabilitation programmes. The Warri Refinery, which resumed operations in December 2024, shut down barely a month later over safety concerns, while the Port Harcourt Refinery was taken offline in May 2025 for scheduled maintenance.
In October 2025, the NNPCL announced a comprehensive technical and commercial review of the three refineries. More recently, the company disclosed that it had signed a Memorandum of Understanding with two Chinese firms to support the completion, operation and possible expansion of the Port Harcourt and Warri refineries, although details of the agreement have not been made public.
As of the time of filing this report, efforts to obtain reactions from the NNPCL and the officials named in the investigation were unsuccessful.
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