In a major breakthrough in its ongoing efforts to sanitize Nigeria’s oil and gas sector, the Economic and Financial Crimes Commission (EFCC) has recovered over N5 billion and $10 million from individuals and entities implicated in the massive fraud surrounding the botched Turnaround Maintenance (TAM) of Nigeria’s three major refineries, Port Harcourt, Warri, and Kaduna.
The Commission, acting on credible intelligence and detailed investigations, revealed that the recovered funds were traced to contractors, senior government officials, and middlemen involved in the failed rehabilitation projects, which collectively cost Nigeria billions of naira without yielding the expected results. The recovery comes as part of an extensive probe into the years-long mismanagement and deliberate sabotage of the refineries’ revival efforts that have left the country heavily reliant on imported petroleum products despite its oil-rich status.
The EFCC’s operatives uncovered multiple layers of financial misconduct, ranging from inflated contracts to outright diversion of public funds earmarked for the TAM projects. According to sources within the anti-graft agency, many of the implicated contractors received full payments without executing commensurate work, while some government officials facilitated the fraudulent deals in return for kickbacks and offshore transfers.
Though the three refineries were scheduled for phased rehabilitation between 2010 and 2021, at a combined cost running into several billions of dollars, none of them has achieved functional capacity to date. The Port Harcourt Refinery, for instance, was awarded a $1.5 billion overhaul contract in 2021, yet remains largely dormant as of mid-2025. Similarly, the Warri and Kaduna refineries have been plagued by delays, abandoned sites, and unverifiable expenditures.
The EFCC is working closely with international partners to trace assets and funds stashed abroad, as some of the proceeds from the scandal were laundered through foreign accounts and investments. The Commission is also compiling a list of indicted individuals for possible prosecution, while recovering more funds through plea bargains, asset forfeiture, and court orders.
The recent recoveries mark one of the most significant anti-corruption milestones in Nigeria’s downstream sector in recent years. It also underscores the EFCC’s renewed drive under the current leadership to ensure that public officials and contractors are held accountable for the misuse of national resources, especially in strategic sectors like oil and gas.
Despite the recoveries, stakeholders and civil society groups continue to demand transparency in ongoing refinery rehabilitation contracts, warning that without systemic reforms, Nigeria risks repeating the same cycle of waste and corruption. With the country spending over N12 trillion on fuel subsidies in the past decade, the need for fully functional local refining capacity has never been more urgent.
As investigations continue, the EFCC has reiterated its commitment to recovering looted funds and ensuring justice is served, promising that no individual, regardless of status or political affiliation, will be shielded from accountability.
