The Economic and Financial Crimes Commission (EFCC) has recovered over ₦9.4 billion, $21.2 million and several landed properties in its ongoing investigation into alleged diversion of funds meant for the rehabilitation and turnaround maintenance of Nigeria’s refineries.

At the official exchange rate of ₦1,380 to a dollar published by the Central Bank of Nigeria (CBN) on Friday, the recovered $21.2m is about ₦29.26bn, bringing the total cash recovery so far to about ₦38.66bn.

The recoveries come as part of a wide-ranging probe into the management of billions of dollars released for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

Sources familiar with the probe told Premium Times that the investigation focuses on allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering.

Those under investigation include officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, NNPC Engineering and Technical Company Limited, former and current managing directors of the Port Harcourt, Warri and Kaduna refineries and key contractors, including Daewoo Engineering Nigeria Limited and Tecnimont SPA.

Between 2021 and 2023, the Federal Government through NNPCL awarded refinery rehabilitation contracts worth about $2.79bn.

The contracts include some $740.7m for the Kaduna Refining and Petrochemical Company, $492.3m for the Warri Refining and Petrochemical Company and $1.56bn for the Port Harcourt Refining Company.

Investigators said they found no evidence of a commensurate improvement in the operational status of the refineries despite the massive financial commitment.

According to EFCC sources, a substantial amount of the funds were allegedly diverted, misappropriated or fraudulently disbursed by officials entrusted with the execution of the projects.

Investigators have looked at procurement procedures, contract payments, levels of execution of projects and alleged weaknesses in financial controls.

It is reported that more than 30 senior officials of NNPCL and over 50 officials of contractors and subcontractors involved in the rehabilitation contracts have been interrogated.

The commission also sought information from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN) and some commercial banks during the course of the investigation.

One of the officials named in the probe and accused of abuse of due process in the execution of the refinery rehabilitation contract was a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko.

Investigators alleged Dikko approved direct payments to contractors from provisional sum funds, contrary to contractual provisions that such contractors had to be engaged and paid by Tecnimont.

The EFCC said it traced ₦983.9m, $227,030 and three landed properties to him which, it said, he could not satisfactorily explain to investigators.

Prosecutors are prepared to press charges and a report shows an interim forfeiture order has been obtained over the properties.

Investigators also established a prima facie case against a senior official at the Warri refinery, Jimoh Yisawu.

Yisawu was alleged to have authorised payments to unqualified third-party contractors, approved inflated invoices and signed off contractual mark-ups of over $10m and almost ₦8bn.

He was also accused of approving payment vouchers without the necessary cash-back arrangements, which allegedly led to losses of roughly $7.47m and ₦1.89bn in tax revenue.

He was linked with over N1.4bn and four landed properties, which were put under interim forfeiture pending prosecution, investigators said.

Sources in the EFCC said the recovered ₦9.4bn and $21.2m have been paid into the commission’s recovery accounts.

The Federal Inland Revenue Service reportedly recovered another $2.32 million.

The investigators also disclosed that another case of alleged revenue fraud involving the sum of $28.39m and ₦665m had been established against the management of Port Harcourt Refining Company and efforts were on to recover the funds.

The EFCC said the investigation was still ongoing and more recoveries and prosecutions were expected as more evidence emerged.

Nigeria has four state refineries with a combined installed capacity of 210,000 barrels per day, two of which are located in Port Harcourt.

The Kaduna refinery is 110,000 barrels per day capacity while the Warri refinery is 125,000 barrels per day capacity, bringing the combined national refining capacity to 445,000 barrels per day.

Despite repeated funding for repairs and rehabilitation over the years, the refineries have suffered operational setbacks and operated at less than optimal capacity for decades.

The reopened Warri Refinery was in December 2024, but it was closed in January 2025 following safety concerns, while NNPC announced maintenance outages at the Port Harcourt Refinery.

The Federal Government and NNPCL have continued to seek strategic investors and technical partners to rehabilitate the refineries and reduce dependence on imported petroleum products following the failure to fully revivify the facilities.

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Due to a purported ₦9.05 billion debt owed to Zenith Bank, the Federal High Court, Lagos Division, has ordered the freezing of accounts associated with Petrocam Trading Nigeria Limited and its principal, Patrick Ilo.

According to reports, Zenith Bank filed an ex parte application to preserve cash purportedly payable as of May 31, 2025, and Judge Chukwujekwu Aneke issued the interim injunction in Suit No. FHC/L/CS/393/2026.

Until the motion on notice is decided, the court prohibited the defendants, whether acting directly or through agents or representatives, from taking out, transferring, or using up to ₦9,057,511,855.63.

Targeting Bank Verification Number (BVN) 22141926401, which is purportedly connected to accounts Patrick Ilo used to conduct Petrocam’s financial operations, is a key component of the court’s order.

All financial institutions under the court’s jurisdiction were instructed by Justice Aneke to impose a lien or “Post-No-Debit” restriction on all accounts connected to the BVN.

Until the matter is settled, the order essentially stops the transfer of money associated with the BVN.

Additionally, the court ordered operators of vital payment infrastructure to adhere to the prohibition.

Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited are among the organizations listed as responders.

The injunction is anticipated to be enforced throughout the banking network by NIBSS, which oversees Nigeria’s interbank settlement system and BVN database, while Interswitch and its subsidiary will expand enforcement to digital wallets and electronic payment methods.

According to court documents, Petrocam’s loan facility was subject to a number of requirements prior to disbursement.

The prerequisites included: A board resolution endorsing the facility; formal adoption of the facility by authorized business signatories; disclosure of current debt to other lenders, including pledged collateral and unpaid amounts

Additionally, Petrocam had to deposit sales profits and Sovereign Debt Note (SDN) subsidy payments into its Zenith Bank account from Oando Plc and/or TotalEnergies Marketing Nigeria Plc.

Zenith’s clearance of contract agreements and the provision of a five percent counterpart contribution for each transaction were additional requirements.

Petrocam was also subject to ongoing responsibilities under the agreement.

These included sending all import duty payments and Letters of Credit through Zenith Bank, submitting quarterly management accounts within 60 days of each quarter, and submitting audited yearly accounts within 120 days after the end of the fiscal year.

Additionally, Petrocam had to get complete marine insurance with Zenith named as the first loss payee, arrange Letters of Credit for petroleum imports, and produce supporting documents.

At Petrocam’s expense, the bank also assigned General Marine and Oil Services Ltd. to oversee product storage.

Zenith Bank was permitted under the conditions of the facility to satisfy maturing Usance commitments at 12% interest in the event that Petrocam failed to deliver money on time.

Additionally, the agreement stated that Petrocam would be responsible for any legal, recovery, and ancillary expenses resulting from any default.

Within seven days, the respondent institutions were required by Justice Aneke to submit an Affidavit of Return that included information about all accounts connected to the BVN, account balances, and six months of transactional history.

Additionally, the court authorized Zenith Bank to serve the defendants at their last known address in Victoria Island, Lagos, using alternative methods.

For mention, the matter has been postponed until March 17, 2026.

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