The Economic and Financial Crimes Commission (EFCC) has recovered over N9.4 billion, $21.2 million, and several landed properties in its ongoing investigation into the alleged diversion of funds meant for the maintenance and rehabilitation of Nigeria's refineries under the Nigerian National Petroleum Company Limited (NNPCL). At the official Central Bank of Nigeria (CBN) rate of N1,380/$1 as of June 26, 2026, the $21.2 million recovered amounts to approximately N29.26 billion, bringing the total recovered to N38.66 billion.
Extensive Investigation into Refinery Funds
According to Premium Times, investigators describe this as one of the most extensive probes into the management of billions of dollars allocated to revive Nigeria's moribund refineries. The recoveries come amid an outburst by Senator Adams Oshiomhole, who represents Edo North and recently accused NNPC of corruption during a Senate committee hearing. Oshiomhole, a former Edo State governor, also alleged that former NNPC CEO Mele Kyari employed Senate President Godswill Akpabio's daughter in a position she likely did not merit.
Nigerians React to Recoveries
The news of the recoveries has sparked mixed reactions from Nigerians. Obed Obaa questioned why the EFCC is not disclosing the names attached to the recovered properties: "What are the names attached to such properties? If it's minor theft from normal people, their faces will be all over the media by now." EmperorofPH decried the level of corruption: "Let it be on record that our elders ate the future of this country and left the masses to survive through the aftermath." Vincent Ilomechine called for prosecution: "I think anyone who steals from our treasury should face the full wrath of the law. The issue of recovering stolen funds without prosecution is not a better way to set a deterrent." Eric Michael questioned legal actions: "Recovering the money is not the big deal, but what legal action was taken to ensure that the culprits were prosecuted?"
Background: Cooking Gas Price Intervention
In a related development, President Bola Tinubu recently held an emergency meeting with security operatives, including the police, Department of State Services (DSS), and EFCC, to address the rising price of cooking gas. The meeting aimed to tackle reports of hoarding and diversion of the commodity to neighboring African countries.
