Nigeria’s anti-corruption agency says it has recovered more than N38.66 billion in cash and assets as part of an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of the country’s state-owned refineries.
The Economic and Financial Crimes Commission (EFCC) disclosed that the recoveries include over N9.4 billion, $21.2 million in cash, and multiple landed properties believed to have been acquired with proceeds from the alleged fraud.
According to the commission, the recovered dollar-denominated assets, combined with the naira cash and properties, push the total value of assets seized to more than N38.66 billion, marking one of the agency’s most significant recoveries in recent years.
The investigation centres on the alleged misappropriation of public funds allocated for the turnaround maintenance of Nigeria’s refineries, with inquiries still ongoing as the EFCC pursues additional suspects and assets linked to the case.
