₦airaland Forum

The anti-graft agency is preparing to prosecute some former and serving officials of the NNPC and contractors over alleged abuse of office, money laundering and contract fraud.

by Abdulkareem Mojeed


The Economic and Financial Crimes Commission (EFCC) has recovered over N9.4 billion, $21.2 million, and several landed properties in an ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries, PREMIUM TIMES can report.

Based on the Central Bank of Nigeria’s official market rate of N1,380/$1 posted on Friday, the $21.2 million recovered is approximately N29.26 billion, bringing the total amount recovered so far to N38.66 billion.

The recoveries are part of what investigators described as one of the most extensive probes into the management of billions of dollars committed to reviving the country’s moribund refineries.

Sources at the EFCC, briefed on the investigations, told this newspaper that the investigation centres on 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 (NNPCL), its subsidiary, the NNPC Engineering and Technical Company Limited (NETCO), former and serving managing directors of the Port Harcourt, Warri and Kaduna refineries, as well as major contractors including Daewoo Engineering Nigeria Limited and Tecnimont SPA.

The federal government, through the NNPCL, awarded contracts worth approximately $2.79 billion between 2021 and 2023 for quick-fix repairs, turnaround maintenance and rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

The contracts included 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, which was awarded to Daewoo Engineering Nigeria Limited, Tecnimont SPA and other subcontractors.

Despite the huge financial commitment, investigators said they found no evidence of commensurate improvements in the operational status of the facilities, which suggests that over time, funds released have been criminally diverted or embezzled.

Investigators say their findings show that substantial portions of the funds were diverted, misappropriated or fraudulently disbursed by officials entrusted with executing the projects.


Investigation

Last year, PREMIUM TIMES reported that the EFCC arrested several top officials of the NNPC in connection with the alleged multi-billion naira fraud associated with the rehabilitation of the refineries. At the time, both former and current officials of the company were apprehended, including a former Chief Financial Officer, Umar Isa; Tunde Bakare, managing director, Warri Refinery; Ahmed Adamu Dikko, former managing director, Port Harcourt Refinery; and Ibrahim Onoja, former managing director, Port Harcourt Refinery.

Investigators scrutinised procurement procedures, analysed how contract funds were utilised, assessed the level of project execution and sought to identify systemic weaknesses allegedly exploited to facilitate fraud. Over the past year, the EFCC has interrogated over 30 top officials of the NNPC in connection with the alleged crime. Similarly, more than 50 officials of the companies and subcontractors involved in the maintenance deals have been quizzed by investigators so far.

In the course of the investigation, the EFCC sought clarifications from the Corporate Affairs Commission (CAC). Several letters were reportedly written to ascertain the authenticity and original owners of companies involved, several bank accounts of individuals involved were thoroughly reviewed, and information was sought from the Central Bank and several commercial banks on the matter.

According to the findings, the investigators uncovered widespread violations of contractual procedures, questionable payment approvals and alleged manipulation of procurement processes.

EFCC sources told this newspaper that many of the irregularities were facilitated by officials across different levels of management, with several senior staff allegedly approving questionable payments and execution certificates in violation of established financial controls.


Officials implicated

One of the officials named in the investigation, Ahmed Dikko, a former managing director of the Port Harcourt Refinery, was accused of abusing due process in the execution of the Port Harcourt refinery rehabilitation contract.

Investigators alleged that Mr Dikko approved the direct payment of contractors from provisional sum funds, contrary to contractual provisions requiring such contractors to be engaged and paid by Tecnimont.

The EFCC said it traced N983.9 million, $227,030 and three landed properties to the official, assets it said he could not satisfactorily account for.

An interim forfeiture order has already been secured over the properties, while prosecutors are preparing criminal charges against him.

The investigation also established what it described as a prima facie case against Jimoh Yisawu over the rehabilitation of the Warri refinery, sources said.

Investigators accuse Mr Yisawu, a senior official at the refinery, of approving payments to unqualified third-party contractors, authorising inflated invoices and approving contractual mark-ups amounting to more than $10 million and nearly N8 billion.

He was also accused of approving payment vouchers without the required cash-back arrangements, allegedly resulting in losses of about $7.47 million and N1.89 billion in tax revenue.

Investigators said they traced more than N1.4 billion and four landed properties to Mr Yisawu, assets that investigators said he failed to satisfactorily explain.

The properties have also been placed under interim forfeiture pending prosecution.


Billions recovered

The EFCC has, so far, recovered N9.4 billion and $21.2 million, which have been paid into its recovery accounts, sources told this newspaper.

An additional $2.32 million was reportedly recovered through the Federal Inland Revenue Service (FIRS).

Investigators also disclosed that a separate case involving alleged revenue fraud amounting to $28.39 million and N665 million has been established against the management of the Port Harcourt Refining Company, with efforts underway to recover the funds.


No functional refinery despite $2.8 billion contracts

The investigation raises fresh questions over the effectiveness of the multi-billion-dollar refinery rehabilitation programmes initiated by the federal government.

Investigators stressed that the probe remains ongoing and that additional recoveries and prosecutions are expected as more evidence emerges.

Efforts to obtain the reaction of the NNPCL and the officials named in the investigation were unsuccessful as of the time of this report. Their responses will be reflected when received.


Background

Nigeria has four state-run refineries, including two in Port Harcourt, which together form the Port Harcourt Refining Company, with a combined installed capacity of 210,000 barrels per day (bpd).

The Kaduna Refining and Petrochemical Company Limited has an installed capacity of 110,000 bpd, while the Warri Refining and Petrochemical Company Limited has an installed capacity of 125,000 bpd.

Despite significant cash injections aimed at getting the plants to run optimally for many years, the refineries continue to grapple with operational constraints and have not operated at optimal capacity for decades.

The Warri Refinery, which reopened in December 2024, shut down in January 2025 due to safety issues. In May 2025, NNPC announced an outage at the Port Harcourt Refinery, preparatory to scheduled maintenance.

In October 2025, NNPC announced that it had initiated a comprehensive technical and commercial review of its three refineries to ensure optimal performance and sustainability.

The goal of the overhaul, according to NNPC, is to position the corporation for its big role as a supplier of petroleum products of last resort, as stipulated by the Petroleum Industry Act, while ensuring the efficient and profitable operation of the refineries.

Following the failure to revamp the country’s refineries, the federal government and the NNPC have continued to seek strategic investors and technical partners to bring the state-owned refineries back to life, amid efforts to reduce dependence on imported petroleum products and improve domestic refining capacity.

In May, NNPC announced that it signed a Memorandum of Understanding (MoU) with two Chinese companies to support the completion, operation, and possible expansion of the Port Harcourt and Warri refineries.

At the time, the NNPC Chief Executive, Bayo Ojulari, disclosed that the agreement was signed with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co., Ltd. in Jiaxing City, China, on Thursday, 30 April. However, details of this agreement with these companies are still sketchy.

https://www.premiumtimesng.com/business/business-news/891183-exclusive-refinery-maintenance-fraud-efcc-recovers-%e2%82%a638-66-billion-other-properties.html

Recover what?
Tell that to APC supporters not reasonable fellows

Recover what?

Who was pushing the money to them without and tangible progress or outcome?

Shebi the flare at PH refinery was on then according the APC/Tinubu’s.

Stoop-eeeeed government. Everything about Nigerian leaders are lyys

36.66 Billion
This country is rich and this unfortunate fellows are just wasting everything we have

A paltry sum of $21m recovered out of a gross loot of $3B doesn't scratch the surface. Not even up to 1%. EFCC no try at all.

Same one they said Oshiomole should not ask any question about, from those who claimed to carry out the maintenance on a refinery that can refine a barrel of crude.

When you are being led by criminals, even to ask questions about criminal activities is a criminal offence 🤔🤔

Recovered and recycled.

How is this announcement in future IMPOSSIBLE tense different from others made by APC’s master strategists in propaganda lies?




https://www.youtube.com/watch?v=Bn29b0SkCWU&ra=m

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

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saintopus:
Dec 06, 2024
The PH Refinery ships its first export of petroleum products to Dubai.

The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

Tinibu is criminal and will never escape the wrath of God.. well, we know he had sold his soul to devil to finish this country

Out of above #4 trillion loot, EFCC is celebrating the recovery of #38 billion ... Not even 1% of the loot..
They need to do better

Until we make the death penalty punishment for corruption and embezzlement, we are all wasting our time.

To me, It's not about recovering loots every now and then.
We need to create a solid and working structure to curtail this evil named corruption.

Corruption is a disease to any society

No other Government in the history of Nigeria has fought Corruption like Asiwaju Government is doing

Lawd in heaven!!!!?

What a country? What a people?

I don't know what to say right now...just...forget it!

Odobaone:
Stoop-eeeeed government. Everything about Nigerian leaders are lyys

If they are not like the people who allow them to emerge into public office, then why would they be OUR leaders

Is everything about 200 million Nigerians not lyys, which we use to rationalise our tribalistic rotation and zoning of power in local, state and federal governments to share the national cake of corruption?



https://www.youtube.com/watch?v=dMWUS1W_ITc

This is a good development. Let them vomit the loot.

Parachoko:
No other Government in the history of Nigeria has fought Corruption like Asiwaju Government is doing

Yeah right.

Is this how your master strategist leader looter of Oshiomhole’s Assembly of Past Criminals, APC is fighting corruption

chisomkachy:
The Economic and Financial Crimes Commission (EFCC) has withdrawn the alleged money laundering suit it filed at the Federal High Court against Lagos Speaker Mudashiru Ajayi Obasa.

Naija News understands that the anti-graft did not give any particular reason for its application for withdrawal.

Following the application to withdraw, Justice Nicholas Oweibo discharged the ‘lien/Post No Debit’ placed on Obasa’s three accounts in Standard Chartered Bank.

The accounts are (US Dollars) 0001852063; (Current) 0001852056 and (Saving) 5002309624.

The judge also set aside the ex-parte orders he made on September 15, 2020, which led to the freezing of the accounts.

Recall that the court on September 15, 2020, granted an interim order freezing Obasa’s accounts following the EFCC’s application in a suit marked FHC/LCS/1064/2020.

The agency had said it was investigating the Speaker for the alleged offences of conspiracy, diversion of funds, abuse of office and money laundering.

But Justice Oweibo, on August 16, 2023, heard the application to unfreeze the accounts in his chamber.

During the hearing, the EFCC was represented by Mr. Sulaiman I. Sulaiman, while Obasa was represented by Mr. Adeyinka Olumide-Fusika (SAN).

The EFCC lawyer told the court that the application to unfreeze the accounts was pursuant to Section 44(2)(K) of the 1999 Constitution (as amended) and Sections 26, 29 and 34 (1) of the EFCC (Establishment) Act, 2004, and under the court’s inherent jurisdiction.

Section 44 of the Constitution concerns constitutional rights to property.

Justice Oweibo held: “It is hereby ordered that an order is hereby granted to the respondent/applicant setting aside the ex-parte orders of this court made on the 15th day of September 2020 upon the ex-parte motion of the Applicant/ Respondent in relation the funds of the Respondent/Applicant domiciled in the accounts stated in the following schedule:

“ACCOUNT NAME, FINANCIAL ACCOUNT INSTITUTIONS, TYPE OF ACCOUNT, 1. Mudasiru Ajayi Obasa, Standard Chartered, (US Dollars) 0001852063 2. Mudasiru Ajayi Obasa, Standard Chartered (Current) 0001852056 3. Mudashiru Ajayi Obasa, Standard Chartered (Saving) 5002309624.

“Issued at Lagos, under the seal of this Honourable Court and by the hands of the Presiding Judge this 16th day of August 2023.”

https://dailytimesng.com/obasa-efcc-withdraws-suit/

Previous Threads:
https://www.nairaland.com/5877642/obasa-64-bank-accounts-linked#89878603

https://wap.nairaland.com/6167844/lagos-assembly-speaker-obasa-efcc#94728150

https://www.nairaland.com/6168612/obasa-court-orders-efcc-freeze#94741534

It’s funny people’s comments on this forum. Like their principal Agbotikuyo, they must sha have one or two things to complain about..

How will the refinery work. Evil people full this country just imagine government give money to rehabilitation and maintenance of refinery that will benefit all Nigeria citizens , people get mind to divert such money 😩😩😩😩😩

OnyeObowo1:
Tinibu is criminal and will never escape the wrath of God.. well, we know he had sold his soul to devil to finish this country

The agony of defeat. Your crying has not started yet.

. ARREST ? When dey suppose tie dem behind drum/stake, aim and 🔫 🔫 🔫 their BALLS make would be next THIEVES learn

anonimi:
Yeah right.

Is this how your master strategist leader looter of Oshiomhole’s Assembly of Past Criminals, APC is fighting corruption

Eeeyahhhh!! The agony of defeat. It's not easy to bear the frustration. We know. Pele.

We only hear of recovery. We don’t hear of how the recovered funds are being appropriated and spent. Nonsense

They cannot end corruption they'll rather end subsidy that benefits the masses

The humongous fraud in the oil sector, is why the former minister of state for Petroleum, Silver sponsored a military coup to violently overthrow the govt.

Silver and members of Buhari's inner cabal have a lot to answer for their roles in fleecing the nation dry under the guise of repairing our refineries.

Imagine if Buhari is still in government nothing of such will happen, he carry a small boy then to head EFCC, the idiot no nail anyone throughout

Eyakuare:
We only hear of recovery. We don’t hear of how the recovered funds are being appropriated and spent. Nonsense

Recovered loots are relooted

Nah these types of THIEVES nor dey give shishi to office cleaners,gateman, their servants @home. They can STEAL but to HELP people from that LOOT, MBANU !

When are they recovering the 210trillion naira that's missing under this apc govt.

nigerian leaders are literally devils..their wickedness and greed doesn't have limit..imagine the lives this money would have changed if it was put to good use ..to think that people from this country will still go to hell...from hot groundnut oil to fire