The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦5 billion and $10 million linked to fraudulent contracts in Nigeria’s refinery turnaround maintenance programme. According to businessday.ng, the funds were traced to inflated invoices and irregular payments involving contractors and government officials connected to the Port Harcourt, Warri, and Kaduna refineries.
The investigation, which is being directly overseen by EFCC Chairman Ola Olukoyede, remains ongoing. According to MouthpieceNGR, the agency is pursuing an additional ₦10 billion and $13 million believed to have been diverted through similar schemes. Olukoyede noted that the recoveries highlight how years of heavy expenditure have failed to restore efficiency to Nigeria’s state-owned refineries.
Nigeria has spent billions of naira on repeated turnaround maintenance projects over the past two decades with little success. According to MouthpieceNGR, despite the investments, the refineries continue to operate far below capacity, forcing the country to rely heavily on imported fuel to meet domestic demand.
The recoveries come at a sensitive time for Nigeria’s downstream sector, where the government is seeking to reduce dependence on fuel imports and encourage private sector-led refining. Analysts suggest the EFCC’s actions could help strengthen investor confidence, but warn that without structural reforms, mismanagement risks may persist.
Industry observers say the case underlines the broader challenge of accountability in Nigeria’s oil sector. The outcome of the EFCC’s probe will be closely watched for its potential to influence governance reforms and investment flows in the energy industry.
