The Economic and Financial Crimes Commission (EFCC) says it has recovered more than N38.66 billion in cash and assets as investigations into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries continue.
The anti-graft agency disclosed that the recoveries include over N9.4 billion, $21.2 million, and several landed properties traced to individuals and entities linked to the alleged misappropriation of public funds.
Based on prevailing exchange rates, the total value of the recoveries, including the dollar-denominated assets, is estimated to exceed N38.66 billion, making it one of the most significant recoveries in the ongoing investigation into the management of refinery rehabilitation funds.
The recovered assets are believed to be proceeds of funds allocated for the turnaround maintenance of Nigeria’s refineries, a program intended to restore the operational capacity of the country’s major petroleum processing facilities. Despite repeated allocations over the years, many of the refineries have remained largely unproductive, raising persistent concerns over accountability and the management of public resources.
The EFCC said investigations are still ongoing, with detectives following financial trails and examining transactions connected to the disbursement and utilization of the maintenance funds. The agency is also pursuing additional assets suspected to have been acquired with diverted public money.
According to the commission, the probe forms part of broader efforts to ensure transparency in the management of public finances and to recover assets unlawfully obtained through corruption.
The latest recoveries underscore the scale of alleged financial irregularities surrounding refinery rehabilitation projects, which have consumed billions of Naira over several years without delivering the expected improvement in domestic refining capacity.
The commission reaffirmed its commitment to bringing all those found culpable to justice, stressing that no individual or organization involved in the alleged diversion of public funds would be spared from prosecution once investigations are concluded.
The EFCC added that the recovery of the funds and properties represents a significant step toward safeguarding public resources and reinforcing accountability in the administration of critical national infrastructure projects.
