The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦5 billion and $10 million from contractors and officials implicated in fraudulent activities linked to the Turn Around Maintenance (TAM) of Nigeria’s state-owned refineries.
According to EFCC insiders, the recoveries are part of a broader investigation into decades of corruption, inflated contracts, and mismanagement that have kept the nation’s refineries largely comatose despite billions of dollars committed to rehabilitation projects.
Findings show that the EFCC is pursuing an additional ₦10 billion and $13 million allegedly siphoned through inflated invoices, fraudulent procurement processes, and questionable payments connected to the Port Harcourt, Kaduna, and Warri refineries.
Ola Olukoyede, Chairman of the EFCC, has reportedly taken personal charge of the probe.
He expressed dismay over the persistent non-performance of the refineries, noting that despite Nigeria’s status as Africa’s top oil producer, the country continues to rely heavily on imported petroleum products.
“The investigation into the turnaround maintenance of the refineries has yielded major discoveries of large-scale fraud. Recoveries of over $10 million and ₦5 billion have been made so far from contractors and officials linked to inflated contracts,” a senior EFCC source told ireport247new.com.
Nigeria’s four state-owned refineries—two in Port Harcourt, one in Warri, and one in Kaduna—have remained largely inactive for decades.
Successive administrations have poured billions of dollars into TAM projects, yet the facilities have failed to meet production targets.
According to EFCC records, a staggering $1.55 billion was allocated to the Port Harcourt refinery, $740.6 million to the Kaduna refinery, and $656.9 million to the Warri refinery.
Despite these massive investments, Nigerians continue to grapple with fuel scarcity and the economic burden of subsidy-driven imports.
Investigators uncovered evidence of over-invoicing, inflated contracts, and dubious payments that undermined the rehabilitation efforts.
Former management teams of the three refineries have been arrested and interrogated, while contractors are also being compelled to refund misappropriated funds.
The EFCC has reportedly concluded investigations into some officials of the Nigerian National Petroleum Company Limited (NNPCL) accused of colluding with contractors in the fraudulent deals.
“Both former and serving officials of the NNPCL and the refineries may face prosecution soon,” an EFCC source disclosed, hinting that charges are already being prepared against key players.
The probe has also widened to cover fresh allegations of $40 million in contract inflation linked to procurement of equipment and spare parts.
Several contractors are currently under pressure to provide documentation or face asset forfeiture.
The revelations have sparked public outrage, with many Nigerians questioning why the refineries remain dormant despite decades of rehabilitation funding.
Civil society groups have demanded that the EFCC go beyond recoveries and ensure full prosecution of culprits to serve as deterrence.
Economic analysts note that if Nigeria’s refineries were operational, the country could save billions annually in foreign exchange spent on fuel imports.
Instead, corruption and inefficiency have turned TAM into a money pit for politically connected contractors and officials.
With the EFCC’s recoveries already crossing ₦5 billion and $10 million, observers say the case could become one of the most high-profile anti-corruption trials in recent years.
While the EFCC presses forward with recoveries and possible prosecutions, questions linger over the future of Nigeria’s refineries.
Some experts argue that only full privatization or concessioning can end the cycle of corruption and inefficiency.
Others believe stronger accountability mechanisms and tighter contract monitoring are needed to prevent future abuses.
For now, the fate of the facilities—and Nigeria’s dream of local refining—hangs in the balance as the EFCC intensifies its probe.