The Economic and Financial Crimes Commission (EFCC) has announced a major breakthrough in its ongoing clampdown on corruption in Nigeria’s oil and gas sector, revealing that it has recovered over ₦5 billion and an additional $10 million (about ₦15 billion equivalent) from contractors and government officials indicted in the controversial turnaround maintenance (TAM) contracts for the nation’s refineries in Port Harcourt, Kaduna, and Warri.
In a statement released on Sunday, the EFCC said the funds were traced to a network of contractors, former Nigerian National Petroleum Company (NNPC) officials, and senior figures in the Ministry of Petroleum Resources who allegedly conspired to siphon billions of naira meant for the rehabilitation of Nigeria’s moribund refineries.
According to the anti-graft agency, investigations revealed that over the past two decades, successive governments had approved billions of dollars for TAM projects across the three state-owned refineries, yet none of the facilities is operating at optimal capacity today. The EFCC stated that its findings showed that several companies awarded maintenance contracts never delivered on the projects, while funds were diverted to offshore accounts, luxury properties, and shell companies.
“This recovery represents just a fraction of the massive looting that has crippled the oil refining capacity of Nigeria,” EFCC Chairman Ola Olukoyede said. “We are committed to following the money trail and ensuring that everyone involved in this monumental fraud is brought to justice. Nigerians deserve accountability for every dollar allocated to these refineries.”
The EFCC further disclosed that more arrests and prosecutions are imminent, as investigators continue to examine past approvals for refinery maintenance, stretching back to the administrations of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. The Commission noted that special attention is being paid to payments made between 2010 and 2021, when Nigeria reportedly spent over $25 billion on refinery repairs with little to show for it.
Civil society groups and oil sector analysts have welcomed the development, describing the recoveries as a landmark move in the fight against systemic corruption. However, they urged the EFCC to go beyond asset recovery and ensure that those responsible are prosecuted and barred from holding future public office.
Meanwhile, Nigerians have taken to social media to express outrage that the nation’s refineries remain dormant despite massive spending over the years. Many have called for a comprehensive judicial inquiry into the refinery saga and a push for transparency in the newly privatized and modular refining sector.
The EFCC assured the public that recovered funds will be remitted into the Federation Account, in line with President Bola Tinubu’s directive for full accountability in the oil sector. The Commission emphasized that this latest action sends a clear message that corruption in Nigeria’s critical industries will no longer go unpunished.
With the country still relying heavily on fuel imports and grappling with the high cost of petroleum products, observers say this recovery could mark the beginning of long-overdue accountability in Nigeria’s troubled energy sector.
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