The Economic and Financial Crimes Commission (EFCC) has recovered over N5 billion and $10 million from contractors and authorities officers indicted within the large fraud linked to the turnaround upkeep of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri, According to PUNCH stories.
Investigations revealed that one other N10 billion and $13 million allegedly siphoned by inflated contracts and fraudulent funds are being traced for restoration.
According to high EFCC sources, the fee’s chairman, Ola Olukoyede, personally took cost of the probe as a result of his dissatisfaction with the persistent failure of the refineries regardless of many years of big public expenditure.
Nigeria’s 4 refineries have been largely dormant for years, forcing the nation to rely closely on imported petroleum merchandise, regardless of billions of {dollars} reportedly sunk into their rehabilitation. Records present that $1.55 billion was allotted to the Port Harcourt refinery, $740 million to Kaduna, and $656 million to Warri.
Sources disclosed that investigators uncovered widespread fraudulent practices, together with over-invoicing, contract inflation, and questionable funds that crippled the refineries’ revival efforts.
Former and serving officers of the Nigerian National Petroleum Company Limited (NNPCL), in addition to previous administration groups of the refineries, had been repeatedly interrogated and should face prosecution quickly.
“So far, $10 million and N5 billion have been recovered from contractors and government officials involved in inflated contracts. Additional sums of $13 million and N10 billion traced to similar fraudulent deals are also being pursued,” one supply confirmed.
The EFCC can also be investigating recent allegations of contract inflation price about $40 million, allegedly involving NNPCL officers and contractors engaged to obtain tools for the tasks.
Although the EFCC’s spokesperson, Dele Oyewale, couldn’t be reached for official feedback, a senior official of the fee, who spoke on situation of anonymity, confirmed the recoveries.
