The Economic and Financial Crimes Commission has recovered cash and assets valued at N38.66 billion in its ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
The anti-graft agency said the recoveries include N9.4 billion, $21.2 million, and several landed properties allegedly linked to individuals being investigated.
The investigation centres on approximately $2.79 billion released between 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
According to investigators, several former and serving officials of the Nigerian National Petroleum Company Limited, its subsidiary, NETCO, refinery managers and contractors are under investigation over allegations of conspiracy, diversion of public funds, money laundering, procurement fraud and abuse of office.
The contracts under scrutiny include $1.56 billion for the Port Harcourt refinery, $740.7 million for the Kaduna refinery and $492.3 million for the Warri refinery.
Investigators said preliminary findings showed little evidence of corresponding improvements in refinery operations despite the huge sums reportedly expended on the rehabilitation projects.
The commission disclosed that it has questioned more than 30 officials of the NNPCL and over 50 representatives of contracting firms as part of the investigation.
It added that procurement documents, payment approvals and company ownership records have also been examined to establish how the funds were utilised.
According to the EFCC, assets worth hundreds of millions of naira and several properties have been traced to some of the individuals under investigation, with interim forfeiture orders already secured on some of the assets pending the conclusion of legal proceedings.
The agency said all recovered funds have been paid into its designated recovery accounts while investigations continue.
It added that further arrests, asset recoveries and prosecutions are expected as more evidence emerges from the ongoing probe.