The Economic and Financial Crimes Commission (EFCC) has made significant recoveries in its investigation into the turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri. According to reports, the EFCC has recovered over N5 billion and $10 million from contractors and government officials indicted in the fraud. The anti-graft agency is working to recover an additional N10 billion and $13 million allegedly siphoned through contractors engaged in the maintenance.
The EFCC’s investigation has uncovered large-scale fraud, including over-invoicing, contract inflation, and questionable payments. These fraudulent practices are believed to be responsible for the refineries’ inability to function despite huge public spending over the years. The commission has interrogated former management teams of the three refineries and is preparing charges against some officials of the Nigerian National Petroleum Company Limited (NNPCL) allegedly involved in the rehabilitation contracts.
The EFCC is probing a total sum of $2.96 billion allocated for the refineries’ maintenance, including $1.56 billion for Port Harcourt, $741 million for Kaduna, and $657 million for Warri. The investigation has flagged former management teams of the refineries, who were arrested and grilled to uncover fraudulent dealings. Some serving and retired members of the management of the NNPCL and refineries might be charged soon.
The EFCC is on track to recover additional sums, including $13 million and N10 billion discovered to be siphoned through contractors engaged in the maintenance. The commission is also probing fresh allegations of contract inflation worth about $40 million, allegedly involving NNPCL officials and contractors engaged to procure equipment for the rehabilitation projects.
The EFCC’s investigation into the refinery fraud has yielded significant recoveries and highlighted the need for transparency and accountability in the management of national assets. As the investigation continues, more officials may face charges, and further recoveries may be made. The EFCC’s efforts aim to restore trust in Nigeria’s oil sector and ensure that public funds are used effectively.
