The Economic and Financial Crimes Commission (EFCC) has recovered more than N38.66 billion in cash and assets in an ongoing investigation into the alleged diversion of funds allocated for the rehabilitation of Nigeria’s state-owned refineries.

The anti-graft agency is also preparing possible criminal charges against several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), as well as contractors linked to the refinery rehabilitation projects.

Findings by investigators indicate that the EFCC has so far recovered N9.4 billion, $21.2 million and several landed properties allegedly traced to individuals under investigation. The recovered dollar component is valued at about N29.26 billion using the Central Bank of Nigeria’s official exchange rate.

The probe, described by investigators as one of the largest corruption investigations in Nigeria’s oil sector, centres on the management of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.

According to the EFCC, the investigation involves allegations of criminal conspiracy, diversion of public funds, abuse of office, money laundering, procurement fraud and economic sabotage. Those under scrutiny include officials of the NNPCL, its subsidiary, the NNPC Engineering and Technical Company Limited (NETCO), former and serving managing directors of the refineries, and major contractors involved in the projects.

Records show that the Federal Government approved about $1.56 billion for the rehabilitation of the Port Harcourt Refining Company, $740.7 million for the Kaduna Refining and Petrochemical Company, and $492.3 million for the Warri Refining and Petrochemical Company.

Despite the huge financial outlay, investigators reportedly found little evidence of corresponding improvements in refinery operations, raising concerns that substantial portions of the funds may have been diverted or improperly disbursed.

The EFCC had earlier arrested several senior NNPCL officials in connection with the investigation, including former Chief Financial Officer Umar Isa, Warri Refinery Managing Director Tunde Bakare, and former Port Harcourt Refinery Managing Directors Ahmed Dikko and Ibrahim Onoja.

Investigators have also interrogated more than 30 senior NNPCL officials and over 50 representatives of contracting firms and subcontractors involved in the refinery rehabilitation programme.

As part of the investigation, the commission reviewed procurement records, payment approvals, project execution reports and banking transactions, while also obtaining information from the Corporate Affairs Commission, the Central Bank of Nigeria and commercial banks.

Sources familiar with the probe disclosed that investigators uncovered widespread violations of procurement procedures and questionable payment approvals allegedly facilitated by officials at different levels of management.

One of the officials under investigation, former Port Harcourt Refinery Managing Director Ahmed Dikko, is accused of authorising direct payments to contractors from provisional sum funds contrary to contractual provisions. Investigators said assets valued at N983.9 million, $227,030 and three landed properties were traced to him, with an interim forfeiture order already secured.

Similarly, a senior official linked to the Warri Refinery rehabilitation project, Jimoh Yisawu, is alleged to have approved payments to unqualified contractors and authorised inflated invoices and contract mark-ups exceeding $10 million and nearly N8 billion.

The EFCC said it traced more than N1.4 billion and four landed properties to Yisawu, assets investigators claim he could not satisfactorily explain. The properties have also been placed under interim forfeiture pending prosecution.

Sources disclosed that the recovered N9.4 billion and $21.2 million have been lodged in the EFCC’s recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).

Investigators also revealed a separate alleged revenue fraud case involving $28.39 million and N665 million linked to the management of the Port Harcourt Refining Company, with efforts ongoing to recover the funds.

The investigation remains ongoing, with the EFCC indicating that additional recoveries, arrests and prosecutions are expected as more evidence emerges.

The latest revelations have renewed concerns over the effectiveness of Nigeria’s refinery rehabilitation programme despite the expenditure of billions of dollars over the years.

Nigeria’s four state-owned refineries, with a combined installed capacity of 445,000 barrels per day, have remained largely underperforming for decades despite repeated turnaround maintenance and rehabilitation efforts.

While the Warri Refinery briefly resumed operations in December 2024 before shutting down a month later over safety concerns, the Port Harcourt Refinery was taken offline in May 2025 for scheduled maintenance.

In October 2025, the NNPCL announced a technical and commercial review of the refineries aimed at improving operational efficiency and profitability. The company also recently signed a Memorandum of Understanding with two Chinese firms to support the completion, operation and possible expansion of the Port Harcourt and Warri refineries.

Efforts to obtain reactions from the NNPCL and officials named in the investigation were unsuccessful as of the time of filing this report.

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Two major oil unions; PENGASSAN and NUPENG have strongly opposed the Federal Government’s reported plan to divest up to 35% of its stakes in joint venture oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL).

At a joint press briefing in Abuja, PENGASSAN President Festus Osifo warned that the sale would “mortgage the future of Nigerians for temporary gains,” arguing that it could bankrupt NNPCL and reduce its ability to fund salaries and support the national budget.

Currently, the government holds 55–60% of these assets. The unions said any reduction would weaken Nigeria’s national oil company and threaten its contributions to the economy.

“The NNPCL manages JV assets on behalf of the Federation. Every oil well belongs to the Nigerian people,” Osifo stated. “If these stakes are sold, the federation loses.”

The proposal comes as President Bola Tinubu pushes for reforms to optimize spending and boost federal revenue. However, the unions warned that amending the Petroleum Industry Act (PIA) just three years after it was passed would damage investor confidence.

“Investors are just beginning to understand the PIA, and suddenly government wants to change it again,” said NUPENG President Williams Akporeha. “Every serious oil-producing country protects its national oil company. Here, we are doing the opposite.”

They also accused the Ministry of Finance of trying to sideline the Ministry of Petroleum in managing NNPCL, calling it a “backdoor hijack.”

While not announcing a strike, the unions issued a firm warning: “We will fight with everything to stop this,” Osifo declared.

Both unions urged President Tinubu to personally halt the divestment and maintain NNPCL’s core national role.

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Chairman of the Committee, Hon. Ikenga Imo Ugochinyere, disclosed on Friday that the House had rejected an earlier report submitted by the former committee due to what he described as “omissions of critical facts,” prompting the decision to undertake a fresh and thorough review.

“This investigation is distinct from the previous inquiry,” Ugochinyere told journalists in Abuja. “The House has mandated our Committee to conduct a fresh probe with the clear objective of uncovering what truly transpired in the OVH acquisition process.”

He explained that the probe would focus on financial details of the deal, the acquisition agreement, and allegations surrounding former OVH managers who are said to have formed a new company that eventually acquired OVH before assuming top positions in NNPC Retail.

“This raises significant concerns about transparency, potential conflict of interest, and the integrity of the entire transaction,” Ugochinyere noted.

The Committee Chair also invited members of the public and industry stakeholders to submit relevant information and documents to assist the investigation. “We are providing an open platform for those with information to contribute meaningfully. Submissions should be directed to the Clerk of the House Committee on Petroleum (Downstream),” he added.

While acknowledging delays in the process, Ugochinyere blamed the slow pace on the failure of some stakeholders to provide key documents, but affirmed that the Committee would now proceed regardless of those lapses.

“We are committed to concluding this assignment within the shortest possible time. If any individual is found to have acted improperly, either through direct wrongdoing or dereliction of duty, we will not hesitate to name them and recommend appropriate action in the national interest,” he assured.

He stressed that finalizing the investigation would allow the current leadership at NNPC Retail to continue their reform agenda without the burden of unresolved controversies.

“Public trust in the petroleum sector is crucial. This investigation is not just about accountability—it’s about giving NNPC Retail the space to carry out reforms unencumbered and restoring confidence in our national oil assets,” Ugochinyere stated.

The investigation comes as the House moves to reinforce transparency and credibility in Nigeria’s downstream petroleum operations. Industry observers are watching closely as lawmakers seek to clarify issues that have sparked debate in recent months.

The post Reps Launch Fresh Probe into NNPCL’s OVH Energy Acquisition, Refinery Deal appeared first on Housing TV Africa.

Ojulari, who was appointed on April 2, 2025, by President Bola Tinubu, took over from Mele Kyari amid a broader reform of the national oil firm’s leadership. The company’s public statement on Wednesday portrayed his short time in office as a period of strategic realignment and visible results.

In its report, NNPCL credited the new leadership with consolidating upstream partnerships, boosting oil and gas output, and ensuring full pipeline availability—an achievement seen as vital for maintaining consistent revenue.

Operational discipline has also been a focus. The company noted that it had trimmed inefficiencies, improved cost control, and made deliberate moves to cut down on underperforming ventures. “Every Naira must count,” the company said, emphasizing its renewed focus on profitability.

In the refining sector, Ojulari’s team is pursuing ongoing reviews aimed at reviving Nigeria’s refining capacity. While the future of the state-owned refineries remains under evaluation, the possibility of asset sales is reportedly not ruled out.

Energy transition has featured prominently in the company’s activities. Under Ojulari’s watch, NNPCL donated 35 compressed natural gas (CNG) buses to support the federal government’s push for cleaner transport. “The roads are talking—CNG is the future,” the report stated.

Infrastructure development has also gained traction. The company recently completed the River Niger crossing segment of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline, a key milestone in Nigeria’s bid to enhance domestic gas distribution.

The GCEO has also restarted the company’s financial disclosures, which had been dormant since 2021. According to the latest monthly operational summary, NNPCL posted a Profit After Tax of ₦905 billion in June 2025 and remitted ₦6.96 trillion to the Federation Account between January and May.

Internally, the company says it is driving a culture shift by improving staff welfare, closing benefit gaps, and promoting merit-based progression in line with the Petroleum Industry Act.

While many challenges remain, NNPCL’s leadership maintains that the direction is clear. “We are fixing the engine while moving,” the statement read—signaling that transformation, though ongoing, is already underway.

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Speaking during a recent interview on BBC Hausa, Bayo Ojulari, the Group Chief Executive Officer, emphasized the strategic importance of both the oil drilling operations and the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project. According to him, these initiatives are essential to strengthening Nigeria’s economy.

“We’re moving forward with drilling in the Kolmani field and continuing our work on the AKK gas pipeline,” Ojulari explained. “The companies already engaged in the project will remain on-site, and we’re also open to new partnerships. These projects will have a significant positive impact on Nigerians, and by next month, people will begin to see visible results.”

The AKK gas pipeline spans 614 kilometers, running from Ajaokuta in Kogi State to Kano, with transit points in Abuja, Kaduna, and Zaria. The infrastructure is designed to transport natural gas across several northern states, supporting industrial and domestic use.

In 2019, NNPC discovered hydrocarbon deposits in the Kolmani River II Well, located in the Gongola Basin within Nigeria’s Upper Benue Trough. This find marked a milestone as the first confirmed commercial oil discovery in the northern part of the country. Drilling officially commenced in 2022 under a federal government initiative.

The discovery in Kolmani is believed to hold over one billion barrels of crude oil and approximately 500 billion cubic feet of natural gas. According to NNPC, the project has already drawn $3 billion in investments and is expected to drive foreign interest, create employment opportunities, and significantly increase national revenue.

Ojulari also touched on the company’s relationship with the Dangote Refinery, stating that any previous disputes have been resolved.

“We commend Aliko Dangote for his bold investment in the continent,” he said. “The issues between NNPC and the Dangote Refinery have been settled. We’re now working together toward a shared goal — improving access to fuel for Nigerians. Fuel marketers will soon be able to make direct purchases from the refinery without delay. We’re committed to solving any future challenges cooperatively and efficiently.”

The post Oil Drilling Set to Resume in Northern Nigeria, Says NNPC appeared first on Housing TV Africa.

This clarification was made on Sunday in a statement by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote.

The statement was issued in response to a claim by NNPCL that the refinery sold fuel to them at ₦898 per litre. The Chief Spokesperson of NNPCL, Olufemi Soneye, had earlier informed by our source that the company had successfully loaded PMS from the Dangote Refinery at ₦898 per litre, not the ₦760 figure being speculated.

Soneye also mentioned that over 70 trucks had been loaded, housingtv reported that about 300 trucks had been moved to the 650,000 barrels-per-day capacity refinery in Lagos over the weekend, with loading commencing on Sunday.

READ ALSO: NNPC Deploys 300 Trucks to Dangote Refinery Ahead of Petrol Loading

Dangote’s Response

In its statement, Dangote Refinery described NNPCL’s claim as “misleading and mischievous,” stating that the announcement aimed to undermine the achievement of starting production at the refinery on September 15, 2024. The refinery highlighted that the milestone was a crucial step towards addressing Nigeria’s long-standing energy challenges.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on pricing by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Ahmed Tinubu, which will commence on October 1, 2024,” the statement read.

READ ALSO: Dangote refinery land: Group, Ibeju-Lekki residents sue Lagos govt over $100m compensation

Dangote further clarified that its current stock of crude was purchased in dollars, which is why the transaction with NNPCL was dollar-based. The refinery emphasized that this sale offered significant savings compared to what NNPCL pays for imported fuel.

“We assure Nigerians that with this action, there will be a steady supply of petrol across all local government areas in the country, putting an end to the persistent fuel shortages,” the statement concluded.

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The demolition took place in March 2018 along Tanke Pipeline Road, Oke-Oyi, Ilorin.

During a press conference, the victims, led by their representative Pastor Tope Ajetunmobi, expressed their grievances. Ajetunmobi highlighted that despite a resolution by the 8th House of Representatives in May 2019, which called for the NNPCL to assess the value of the affected properties and negotiate compensation, the company has failed to comply.

He revealed that 976 structures, estimated to be worth over N160 billion at the time, were affected by the demolition exercise.

READ ALSO: Lagos Traders Devastated by Alaba Rago Market Demolition for Road Expansion

“NNPCL has only honored three out of the 17 invitations extended to both parties by the 8th, 9th, and 10th House of Representatives over the issue,” Ajetunmobi said. He urged President Bola Ahmed Tinubu to intervene to ensure that the displaced victims receive the compensation they deserve.

READ ALSO: Oba Elegushi’s Lawyer Calls Out Lagos State Over Property Demolition

The victims remain hopeful that the government will take necessary actions to address their plight and provide much-needed relief for their losses.

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