EFCC Recovers ₦38.66bn In Refinery Maintenance Fraud Probe

The Economic and Financial Crimes Commission has recovered more than ₦38.66bn in cash value and other assets in an investigation into funds released for Nigeria’s refinery repairs, Premium Times reported.

The newspaper said the recoveries include over ₦9.4bn, $21.2m and several landed properties. Using the Central Bank of Nigeria’s official Friday rate of ₦1,380 to the dollar, the dollar recovery was put at about ₦29.26bn.

Premium Times reported that the investigation covers allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering.

The probe reportedly involves officials of the Nigerian National Petroleum Company Limited, its subsidiary NETCO, former and serving managing directors of the Port Harcourt, Warri and Kaduna refineries, and contractors connected to the rehabilitation jobs.

The Federal Government, through NNPCL, awarded contracts worth about $2.79bn between 2021 and 2023 for repairs, turnaround maintenance and rehabilitation of the three refineries.

According to the report, the contracts included about $740.7m for Kaduna Refining and Petrochemical Company, $492.3m for Warri Refining and Petrochemical Company, and $1.56bn for the Port Harcourt Refining Company.

Premium Times named Daewoo Engineering Nigeria Limited and Tecnimont SPA among firms connected to the Port Harcourt refinery work, alongside other subcontractors.

Investigators cited by the newspaper said they found no evidence of improvements that matched the money committed to the projects. They alleged that parts of the funds were diverted, misappropriated or fraudulently disbursed by officials entrusted with the projects.

The EFCC has not announced charges from the probe. The recoveries, if confirmed in court filings, would raise fresh questions over the repeated spending on Nigeria’s state-owned refineries despite years of weak output.

Sources: Premium Times.