The Economic and Financial Crimes Commission has recovered more than N9.4 billion, $21.2 million and several landed properties as part of its ongoing investigation into the alleged diversion of funds allocated for the rehabilitation and turnaround maintenance of Nigeria’s refineries, PREMIUM TIMES has learnt.
Using the Central Bank of Nigeria’s official exchange rate of N1,380 to one US dollar published on Friday, the recovered $21.2 million is valued at about N29.26 billion, bringing the total recovered assets to roughly N38.66 billion.
The recoveries form part of what investigators describe as one of the largest investigations into the management of billions of dollars spent on reviving Nigeria’s state owned refineries.
According to EFCC sources familiar with the probe, investigators are examining allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering involving officials of the Nigerian National Petroleum Company Limited, its subsidiary NNPC Engineering and Technical Company Limited, former and current managing directors of the Port Harcourt, Warri and Kaduna refineries, as well as contractors including Daewoo Engineering Nigeria Limited and Tecnimont SPA.
Between 2021 and 2023, the Federal Government, through the NNPCL, awarded refinery rehabilitation, turnaround maintenance and quick fix contracts worth about $2.79 billion. The projects covered approximately $740.7 million for Kaduna Refining and Petrochemical Company, $492.3 million for Warri Refining and Petrochemical Company and $1.56 billion for the Port Harcourt Refining Company, with contracts awarded to Daewoo Engineering Nigeria Limited, Tecnimont SPA and other subcontractors.
Despite the huge investment, investigators reportedly found little evidence of corresponding improvements in refinery operations, raising suspicions that significant amounts of the released funds may have been diverted or embezzled. Their findings indicate that substantial portions of the money were allegedly misappropriated or fraudulently disbursed by officials responsible for executing the projects.
The investigation follows last year’s arrest of several serving and former senior NNPC officials over the alleged fraud. Those detained included 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.
As part of the probe, investigators reviewed procurement procedures, tracked contract expenditures, assessed project execution and examined possible systemic weaknesses that may have enabled the alleged fraud. More than 30 senior NNPC officials and over 50 officials of contractors and subcontractors have so far been questioned.
The EFCC also sought information from the Corporate Affairs Commission, the Central Bank of Nigeria and several commercial banks while reviewing company ownership records, bank accounts and other financial transactions linked to the investigation.
Investigators reportedly uncovered widespread breaches of contractual procedures, questionable payment approvals and alleged manipulation of procurement processes. According to EFCC sources, many of the irregularities were facilitated by officials across different management levels, with senior staff allegedly approving disputed payments and execution certificates in violation of financial regulations.
Among those implicated is former Port Harcourt Refinery Managing Director Ahmed Dikko, who is accused of violating due process by approving direct payments to contractors from provisional sum funds instead of following contractual arrangements requiring Tecnimont to handle such payments.
The EFCC said it traced N983.9 million, $227,030 and three landed properties to Dikko, assets investigators say he could not satisfactorily explain. An interim forfeiture order has already been secured, while criminal charges are being prepared.
Investigators also said they established a prima facie case against Jimoh Yisawu over the Warri refinery rehabilitation project. He is accused of approving payments to unqualified third party contractors, authorising inflated invoices and sanctioning contractual mark ups worth more than $10 million and nearly N8 billion.
Yisawu is also alleged to have approved payment vouchers without the required cash back arrangements, resulting in losses estimated at about $7.47 million and N1.89 billion in tax revenue. Investigators traced more than N1.4 billion and four landed properties to him, assets they say he also failed to account for satisfactorily. Those properties have likewise been placed under interim forfeiture pending prosecution.
According to EFCC sources, N9.4 billion and $21.2 million have already been paid into the commission’s recovery accounts. Another $2.32 million was reportedly recovered through the Federal Inland Revenue Service.
Investigators also uncovered a separate case involving alleged revenue fraud valued at $28.39 million and N665 million against the management of the Port Harcourt Refining Company, with efforts ongoing to recover the funds.
The investigation has renewed concerns about the effectiveness of the Federal Government’s multibillion dollar refinery rehabilitation programme. The EFCC said the probe is still ongoing, with further recoveries and prosecutions expected as additional evidence emerges.
Attempts to obtain reactions from the NNPCL and officials named in the investigation were unsuccessful as of the time of reporting. Their responses will be included when received.
Nigeria operates four state owned refineries, including two in Port Harcourt with a combined installed capacity of 210,000 barrels per day. Kaduna Refining and Petrochemical Company has a capacity of 110,000 barrels per day, while Warri Refining and Petrochemical Company has a capacity of 125,000 barrels per day.
Despite years of heavy financial investment, the refineries have continued to suffer operational challenges and have failed to function at optimal capacity. The Warri Refinery, which resumed operations in December 2024, shut down the following month over safety concerns, while the Port Harcourt Refinery underwent another outage in May 2025 for scheduled maintenance.
In October 2025, the NNPCL announced a comprehensive technical and commercial review of the three refineries aimed at improving their long term performance and sustainability.
The corporation said the exercise was intended to strengthen its role as the supplier of petroleum products of last resort under the Petroleum Industry Act while ensuring the refineries operate efficiently and profitably.
As efforts to fully revive the refineries continue, the Federal Government and the NNPCL have sought strategic investors and technical partners to reduce Nigeria’s dependence on imported petroleum products and improve domestic refining.
In May, the NNPCL announced the signing of a Memorandum of Understanding with China’s 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. The agreement was signed in Jiaxing City, China, on 30 April, according to NNPCL Chief Executive Bayo Ojulari, although full details of the partnership have yet to be disclosed.
