EFCC Recovers ₦38.66bn, $21.2m in Ongoing Refinery Rehabilitation Funds Probe

The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦38.66 billion and several landed properties in its ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation and turnaround maintenance of Nigeria's state-owned refineries.

According to reports, the anti-graft agency recovered over ₦9.4 billion and $21.2 million during the course of the investigation. Using the official exchange rate of ₦1,380 to one United States dollar as published by the Central Bank of Nigeria (CBN), the recovered $21.2 million is valued at approximately ₦29.26 billion.

This brings the total cash recovery recorded so far by the commission to about ₦38.66 billion, excluding the value of landed properties also traced and recovered as part of the probe.

The investigation is focused on funds released for the rehabilitation and turnaround maintenance of Nigeria's refineries, a critical component of the Federal Government's efforts to revive domestic petroleum refining capacity and reduce dependence on imported petroleum products.

The EFCC is said to be intensifying efforts to uncover the circumstances surrounding the alleged mismanagement and diversion of public funds connected to the refinery projects.

The recovery of both cash assets and properties is being viewed as a significant development in the commission's anti-corruption campaign and its drive to ensure accountability in the management of public resources.

Industry stakeholders have repeatedly emphasized the importance of transparency and effective oversight in the utilization of funds allocated to strategic national infrastructure, particularly within the oil and gas sector.

The EFCC has assured Nigerians that investigations are ongoing and that all individuals found culpable would be made to face the full weight of the law.

— Poet of Afrique Reporters

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