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Refinery Repairs: EFCC Recovers ₦9.4 Billion, $21.2 Million, Traces Properties To Officials

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The Economic and Financial Crimes Commission (EFCC) has recovered over ₦9.4 billion, $21.2 million and several landed properties in its ongoing investigation into alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries.

Based on the Central Bank of Nigeria (CBN)’s official exchange rate of ₦1,380 to a dollar posted on Friday, the $21.2m recovered amounts to about ₦29.26bn, bringing the total cash recovery so far to approximately ₦38.66bn.

The recoveries form part of a wide-ranging probe into the management of billions of dollars released for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

According to Premium Times, sources familiar with the investigation said the probe centres on allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering.

Those under scrutiny include officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, NNPC Engineering and Technical Company Limited, 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.

Between 2021 and 2023, the Federal Government, through NNPCL, awarded refinery rehabilitation contracts worth about $2.79bn.

The contracts included about $740.7m for the Kaduna Refining and Petrochemical Company, $492.3m for the Warri Refining and Petrochemical Company and $1.56bn for the Port Harcourt Refining Company.

Despite the huge financial commitment, investigators said they found no evidence of corresponding improvements in the operational status of the refineries.

According to EFCC sources, substantial portions of the funds were allegedly diverted, misappropriated or fraudulently disbursed by officials entrusted with executing the projects.

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Investigators reportedly reviewed procurement procedures, contract payments, project execution levels and alleged weaknesses in financial controls.

More than 30 top NNPCL officials and over 50 officials of contractors and subcontractors involved in the rehabilitation contracts have reportedly been questioned.

The commission also sought information from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN) and several commercial banks as part of the investigation.

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

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

The EFCC said it traced ₦983.9m, $227,030 and three landed properties to him, which investigators said he could not satisfactorily explain.

An interim forfeiture order has reportedly been secured over the properties, while prosecutors are preparing charges.

Investigators also established what they described as a prima facie case against a senior Warri refinery official, Jimoh Yisawu.

Yisawu was accused of approving payments to unqualified third-party contractors, authorising inflated invoices and approving contractual mark-ups amounting to more than $10m and nearly ₦8bn.

He was also accused of approving payment vouchers without required cash-back arrangements, allegedly causing losses of about $7.47m and ₦1.89bn in tax revenue.

Investigators said more than ₦1.4bn and four landed properties were traced to him, with the properties placed under interim forfeiture pending prosecution.

EFCC sources said the recovered ₦9.4bn and $21.2m had been paid into the commission’s recovery accounts.

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An additional $2.32m was reportedly recovered through the Federal Inland Revenue Service.

Investigators also disclosed that a separate case involving alleged revenue fraud of $28.39m and ₦665m had been established against the management of the Port Harcourt Refining Company, with efforts underway to recover the funds.

The EFCC said the probe remained ongoing and that additional recoveries and prosecutions were expected as more evidence emerged.

Nigeria has four state-owned refineries, including two in Port Harcourt, with a combined installed capacity of 210,000 barrels per day.

The Kaduna refinery has an installed capacity of 110,000 barrels per day, while the Warri refinery has 125,000 barrels per day, bringing the combined national refining capacity to 445,000 barrels per day.

Despite repeated funding for repairs and rehabilitation over the years, the refineries have continued to suffer operational setbacks 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, while NNPC later announced maintenance-related outages at the Port Harcourt Refinery.

Following the failure to fully revive the facilities, the Federal Government and NNPCL have continued to seek strategic investors and technical partners to restore the refineries and reduce dependence on imported petroleum products.

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Edo: Midnight Fire Destroys 7 Shops, Goods Lost

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A midnight fire has destroyed seven shops and an undisclosed quantity of goods along Amen Owie Street, opposite Delano Hotels, off Second Ugbor Road, Abuja Quarters, in Benin City, Edo State.

The fire reportedly broke out at about 3am on Sunday, leaving shop owners with significant losses. No lives were lost.

Some of the affected traders, who confirmed the incident in interviews, said they were alerted by neighbours who called them after the fire started.

The traders suspected that the fire might have been caused by an electrical appliance allegedly left on in one of the shops after the owner closed late for the day.

They also said the incident occurred after the Benin Electricity Distribution Company (BEDC) restored electricity to the area.

However, the cause of the fire has yet to be officially established.

Residents reportedly rushed to the scene and forced open the doors of some shops to evacuate valuables in an effort to minimise losses.

Their intervention also helped prevent the fire from spreading to other parts of the neighbourhood, although seven shops were affected.

The shop owners said attempts to get the Edo State Fire Service to the scene proved difficult because of the time the incident occurred.

The quantity and value of the goods destroyed have yet to be determined.

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Ransom: ‘The Money Has Been Returned’ – Parents Of Kidnapped NYSC Member

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The parents of a prospective National Youth Service Corps (NYSC) member abducted in Imo State have confirmed that the N6m their family contributed towards securing his release has been refunded.

They said they were unsure whether the representatives who handled negotiations delivered the money to the kidnappers before the victims were freed.

Their son was among 20 prospective corps members abducted on the Owerri-Onitsha Expressway on October 1.

His mother, Alirat Wahab, had earlier told News Central that the family paid ₦6 million for his release. However, in a later interview with the station, Obasanjo Wahab said the station returned the money.

“The money has been returned. We just want to thank Imo for a job well done,” he said.

Obasanjo explained that three representatives were selected from the affected families, including one from his family, to seek the victims’ release.

“They went to look for the kidnapped corps members to see whether they would be freed or not,” he said.

Asked whether the representatives eventually paid the kidnappers, he replied, “We don’t know.”

He added, “The kidnappers had asked for representatives to bring the ransom. Since they could no longer hold the corps members hostage, they let them go.”

Confirming the development, Alirat said the families’ representatives returned the contributions.

“They returned it to those who went to represent us. Every parent has received their money back,” she said.

Obasanjo appealed to the public to move on from the incident and expressed appreciation to the Imo State Government for its role in the victims’ release.

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“You know what, let’s forget the matter and just appeal to the Imo State Government. We should be grateful to them,” he said.

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Trump says Ukraine should get a new leader as he spars with Zelensky over US-Russia diesel deal

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US President Donald Trump on Saturday, October 10 criticized Ukrainian President Volodymyr Zelensky as the two leaders clashed over a new energy agreement between the United States and Russia, suggesting that Ukraine should replace its leadership.

Speaking to reporters at the White House, Trump expressed frustration with Zelensky following a series of Ukrainian drone strikes on Russian oil refineries that Washington had urged Kyiv to avoid.

“You know what I suggest? I suggest they get a new leader who can make a deal because he could have made many deals and for some reason, he never does,” Trump said.

The public dispute follows Trump’s Friday announcement of an agreement reached with Russian President Vladimir Putin to supply global energy markets with Russian diesel fuel in an effort to reduce domestic fuel costs ahead of the upcoming U.S. midterm elections.

According to U.S. officials, persistent Ukrainian strikes on Russian refinery infrastructure contributed to Trump’s decision to negotiate the deal directly with Moscow.

Zelensky strongly criticized the accord, characterising the agreement as a setback to peace efforts that financializes Russia’s military campaign.

“Investment in a war that must be ended, not prolonged,” Zelensky said, describing the move as “a weak decision of strong partners.”

Under the terms posted by Trump on social media, Putin agreed during a phone call to immediately supply over 300,000 tons of diesel to global markets, with an additional 500,000 tons slated for November delivery. The combined 800,000 tons, equivalent to approximately six million barrels—represents roughly one and a half days of total U.S. diesel consumption, according to data from the U.S. Energy Information Administration.

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Trump noted that additional shipments of millions of tons of Russian diesel would follow based on the operational condition of Russian refineries.

When asked by reporters whether easing restrictions on Russian energy exports risks prolonging the armed conflict, Trump placed responsibility for the continued fighting on the Ukrainian administration.

“Zelensky could’ve settled this war many times … and he chooses not to,” Trump remarked, adding that the Ukrainian leader “wants to make problems for the world.”

Former U.S. officials and market analysts expressed skepticism regarding the impact of the agreement, pointing out that Russian diesel production has faced severe strain due to recent Ukrainian strikes. Kyiv reported hitting five Russian refineries in the week leading up to the announcement.

Energy analysts further noted that the volumes involved represent a minor shift in overall global supplies.”We are talking perhaps a 5%-6% increase in supply between now and year end,” said Dan Pickering, founder and chief investment officer at Pickering Energy Partners.

“Bottom line — this is helpful but not a needle mover for global diesel markets. Side note — there is a reason Trump talked about volumes in tons instead of barrels. The tons number looks bigger to a general observer. This is more politics than a game changer.”

Russia had previously instituted a formal ban on domestic diesel exports in early July following widespread fuel shortages caused by Ukrainian drone attacks, withdrawing approximately 800,000 barrels per day from global circulation.

Following the bilateral discussions, Kremlin readouts confirmed Putin’s willingness to resume energy shipments to international markets.

“I am confident that this will have a positive impact on the entire global economy,” Putin stated according to the official Kremlin summary.

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