The EFCC has recovered over N38.66 billion in cash and assets in its investigation into the $2.79 billion refinery rehabilitation programme, with former and serving NNPCL officials facing possible prosecution
EFCC Recovers N38.66bn in NNPCL Refinery Probe, Officials Face Prosecution
The Economic and Financial Crimes Commission (EFCC) has recovered cash and assets valued at more than N38.66 billion in its sweeping investigation into the controversial rehabilitation of Nigeria’s state-owned refineries, as several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL) and contractors move closer to possible criminal prosecution.
The anti-graft agency disclosed that it has recovered N9.4 billion and $21.2 million, equivalent to about N29.26 billion at the Central Bank of Nigeria’s official exchange rate of N1,380 to the dollar, while also tracing and recovering multiple landed properties allegedly linked to individuals under investigation. Combined, the recoveries now exceed N38.66 billion.
The investigation, regarded as one of the most far-reaching corruption probes ever conducted in Nigeria’s petroleum sector, focuses on the management of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.
Investigators are examining allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office, money laundering and procurement fraud involving officials of the NNPCL, its subsidiary, the NNPC Engineering and Technical Company Limited (NETCO), former and serving refinery managing directors, as well as contractors including Daewoo Engineering Nigeria Limited and Tecnimont SPA.
The Federal Government had approved about $1.56 billion for the rehabilitation of the Port Harcourt Refining Company, $740.7 million for the Kaduna Refining and Petrochemical Company and $492.3 million for the Warri Refining and Petrochemical Company. However, investigators reportedly identified glaring discrepancies between the massive expenditure and the limited operational improvements recorded at the facilities, fuelling suspicions that substantial portions of the funds may have been diverted, mismanaged or fraudulently disbursed.
The probe has renewed scrutiny of decades of government spending on Nigeria’s refineries, which have remained largely inactive despite repeated investments running into billions of dollars.
As part of the investigation, the EFCC has already questioned several senior officials connected to the refinery rehabilitation programme, including former Chief Financial Officer Umar Isa, Warri Refinery Managing Director Tunde Bakare, and former Port Harcourt Refinery Managing Directors Ahmed Adamu Dikko and Ibrahim Onoja.
More than 30 senior NNPCL officials and over 50 representatives of contractors and subcontractors linked to the projects have also reportedly been interrogated.
Investigators reviewed procurement documents, scrutinised payment records, examined bank accounts, sought information from the Corporate Affairs Commission, the Central Bank of Nigeria and commercial banks, and traced the ownership structures of companies involved in the contracts. Sources familiar with the investigation said the exercise uncovered alleged procurement violations, questionable payment approvals and manipulation of contract award processes involving officials at different levels.
Ahmed Dikko has emerged as one of the principal figures under investigation. EFCC investigators accused the former Port Harcourt Refinery Managing Director of allegedly breaching contractual procedures by approving direct payments to contractors from provisional sum funds despite existing requirements that such payments should be routed through Tecnimont.
Investigators reportedly traced assets worth N983.9 million, $227,030 and three landed properties to Dikko, assets they said he failed to satisfactorily account for. An interim forfeiture order has reportedly been secured over the properties while criminal charges are being prepared.
The investigation also established what the EFCC described as a prima facie case against Jimoh Yisawu, a senior official associated with the Warri Refinery rehabilitation project.
According to investigators, Yisawu allegedly approved payments to unqualified third-party contractors, authorised inflated invoices and contractual mark-ups exceeding $10 million and nearly N8 billion. He was further accused of approving payment vouchers without mandatory cash-back arrangements, actions investigators believe resulted in losses estimated at $7.47 million and N1.89 billion in tax revenue.
The commission said it traced more than N1.4 billion and four landed properties to Yisawu. The assets have also been placed under interim forfeiture pending prosecution.
Sources further disclosed that the N9.4 billion and $21.2 million recovered so far have been lodged in EFCC recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).
Investigators have also uncovered a separate suspected revenue fraud involving approximately $28.39 million and N665 million linked to the management of the Port Harcourt Refining Company, with efforts ongoing to recover the funds.
The EFCC said the investigation remains active, warning that additional recoveries, arrests and criminal prosecutions could follow as more evidence emerges.
The latest revelations have once again placed Nigeria’s refinery rehabilitation programme under intense public scrutiny. Despite decades of government spending, the country’s four state-owned refineries—with a combined installed capacity of 445,000 barrels per day—have remained largely non-functional.
The Warri Refinery briefly resumed operations in December 2024 before shutting down 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 Port Harcourt, Warri and Kaduna refineries aimed at improving efficiency and profitability. The company also revealed that it had signed a Memorandum of Understanding with Chinese firms Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co., Ltd. to support the completion, operation and possible expansion of the Port Harcourt and Warri refineries, although details of the agreement have yet to be made public.
Efforts to obtain reactions from the NNPCL and the officials named in the investigation were unsuccessful as of the time this report was filed. Their responses will be published when received.
