EFCC Recovers Over ₦38.66 Billion in Cash and Assets in Refinery Maintenance Funds Probe
The Economic and Financial Crimes Commission (EFCC) has announced the recovery of more than ₦38.66 billion in cash and assets as part of its ongoing investigation into the alleged diversion of funds allocated for the turnaround maintenance of Nigeria’s state-owned refineries.
According to the anti-graft agency, the recoveries include over ₦9.4 billion, $21.2 million in foreign currency, and several landed properties believed to have been acquired with proceeds linked to the alleged fraud. When the dollar-denominated assets are converted to naira, the total value of the recoveries exceeds ₦38.66 billion.The EFCC said the investigation focuses on funds that were approved for the rehabilitation and turnaround maintenance of Nigeria’s refineries. The agency explained that preliminary findings indicate that a significant portion of the money may have been diverted through fraudulent transactions instead of being used for the intended projects.
Officials disclosed that the recovered properties are located in different parts of the country and are currently under the commission’s control pending the conclusion of investigations and possible legal proceedings. The agency also stated that financial records and other relevant documents are being examined to determine the full extent of the alleged misappropriation.The commission noted that the investigation is still ongoing and that additional recoveries may be made as more evidence emerges. It added that several individuals connected to the transactions are being questioned, while efforts continue to trace other assets suspected to have been acquired with diverted public funds.The EFCC reaffirmed its commitment to ensuring accountability in the management of public resources, stressing that anyone found culpable would face prosecution in accordance with the law. The agency emphasized that recovering stolen public funds remains a key part of its mandate to combat corruption and promote transparency in government spending.The alleged diversion of refinery maintenance funds has attracted widespread public attention due to the strategic importance of Nigeria’s refineries to the nation’s economy.
For years, the facilities have operated below capacity despite substantial government expenditure on rehabilitation projects, leading to increased dependence on imported petroleum products.
Economic analysts have described the latest recoveries as a significant development in the government’s anti-corruption campaign. They believe the investigation could help uncover weaknesses in public financial management while reinforcing calls for greater transparency and stricter oversight of major infrastructure projects.
As investigations continue, the EFCC has assured Nigerians that every individual found to have played a role in the alleged diversion of refinery maintenance funds will be held accountable. The commission also reiterated its resolve to recover additional assets where necessary and ensure that public resources are protected from abuse.
