EFCC recovers N38.66bn, assets in refinery rehabilitation fraud probe

The Economic and Financial Crimes Commission, EFCC, has recovered N38.66 cardinal successful currency and assets arsenic portion of its probe into the alleged diversion of funds meant for the rehabilitation of Nigeria’s state-owned refineries.

The anti-graft bureau said recoveries see N9.4 billion, $21.2 cardinal and respective landed properties linked to individuals nether investigation.

The probe focuses connected astir $2.79 cardinal released betwixt 2021 and 2023 for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

According to investigators, “several erstwhile and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary NETCO, refinery managers and contractors are being investigated for alleged conspiracy, diversion of nationalist funds, wealth laundering, procurement fraud and maltreatment of office”.

The contracts nether reappraisal see $1.56 cardinal for the Port Harcourt refinery, $740.7 cardinal for Kaduna refinery and $492.3 cardinal for Warri refinery. Investigators said determination was small grounds of commensurate betterment successful refinery operations contempt the immense expenditure.

The EFCC has interrogated much than 30 NNPCL officials and implicit 50 representatives of contracting firms, It besides reviewed procurement records, outgo approvals...