The Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million linked to massive fraud in the turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri.

Investigations revealed that contractors and senior officials of the Nigerian National Petroleum Company Limited (NNPCL) diverted billions of naira through inflated contracts, over-invoicing, and questionable payments. The commission is also tracking an additional ₦10 billion and $13 million traced to fraudulent contractors involved in refinery projects.

According to insiders, EFCC Chairman Ola Olukoyede is personally supervising the probe and has voiced frustration that the nation’s refineries remain dormant despite billions of dollars allocated for their rehabilitation.

Documents obtained by investigators show that over $1.5 billion was earmarked for the Port Harcourt refinery, $740 million for Kaduna, and $656 million for Warri. Yet, none of the facilities has operated effectively for decades, leaving the country dependent on fuel imports.

A senior EFCC official confirmed the recovery so far, saying: “A total sum of $10 million and ₦5 billion has so far been recovered from contractors and government officials indicted in the fraud. More recoveries are underway.”

The commission is also probing new allegations of contract inflation worth $40 million, allegedly involving NNPCL officials and contractors hired to supply equipment for rehabilitation projects.

With investigations concluded on several suspects, the EFCC is preparing charges against former NNPCL executives and refinery managers implicated in the multi-billion-naira fraud.