EFCC Recovers N38.66 Billion in Probe of Nigeria’s Refinery Funds

The Economic and Financial Crimes Commission, EFCC, has recovered N9.4 billion, $21.2 million and several properties in an investigation into alleged diversion of funds meant for refinery rehabilitation, officials said. 

At the Central Bank of Nigeria’s rate of N1,380 to $1 on Friday, the dollar recoveries equal about N29.26 billion. Combined with the naira amount, total recoveries stand at N38.66 billion.

The probe centers on $2.79 billion awarded between 2021 and 2023 for “quick-fix” repairs and turnaround maintenance at the Port Harcourt, Warri and Kaduna refineries. Contracts went to Daewoo Engineering Nigeria Ltd., Tecnimont SPA and other firms.

Investigators said they found no evidence of commensurate work on the facilities, suggesting funds were diverted or embezzled. Those under investigation include officials of the Nigerian National Petroleum Company Ltd., NNPCL, its engineering subsidiary NETCO, and former and current managing directors of the three refineries.

*Arrests and questioning* 

Last year, the EFCC arrested several NNPC officials, including former Chief Financial Officer Umar Isa; Warri Refinery Managing Director Tunde Bakare; and former Port Harcourt refinery heads Ahmed Dikko and Ibrahim Onoja. More than 30 NNPC officials and 50 contractors and subcontractors have been questioned in the past year, the commission said.

*Officials implicated* 

Dikko faces allegations of approving direct payments from provisional sums, contrary to contract terms requiring Tecnimont to hire and pay contractors. The EFCC said it traced N983.9 million, $227,030 and three properties to him that he could not account for. An interim forfeiture order has been secured and charges are pending.

Jimoh Yisawu, a senior Warri refinery official, is accused of approving payments to unqualified contractors, inflated invoices and markups totaling more than $10 million and nearly N8 billion. Investigators also allege he approved vouchers without cash-back arrangements, resulting in losses of about $7.47 million and N1.89 billion in tax revenue. More than N1.4 billion and four properties traced to him are under interim forfeiture.

*Additional recoveries* 

The EFCC said it recovered another $2.32 million through the Federal Inland Revenue Service, FIRS. A separate case involving $28.39 million and N665 million in alleged revenue fraud at Port Harcourt Refinery is also under investigation.

*Background* 

Nigeria has four state-owned refineries with a combined capacity of 445,000 barrels per day. Despite years of funding, they have operated far below capacity. Warri reopened in December 2024 but shut in January 2025 over safety issues. Port Harcourt went on outage in May 2025 for scheduled maintenance.

In October 2025, NNPCL said it had launched a technical and commercial review of the three plants. In May, it signed a memorandum of understanding with two Chinese firms to support completion and operation of Port Harcourt and Warri.

The EFCC said the investigation is ongoing and more recoveries and prosecutions are expected. NNPCL and the officials named did not respond to requests for comment as of press time.