Economic and Financial Crimes Commission (EFCC) has been urged to publish an interim report on its investigation into the alleged $4 billion fraud tied to the abandoned rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
Anti-corruption crusaders, under the aegis of Concerned Nigerians for Transparency and Justice, CNTJ, made the demand in a statement on Wednesday.
A probe was reportedly launched into the inconclusive rehabilitation projects about six months ago but the outcome of the investigation is yet to be disclosed.
Calling for an update on the probe, the stakeholders said six months is sufficient for Nigerians to be informed about the progress of the probe and any funds recovered.
CNTJ, in a statement signed by Comrade Obinna Francis and Adamu Musa, insisted on the transparency of the probe efforts.
The statement noted that the refineries have failed to produce at full capacity despite high-profile commissioning ceremonies which promised an end to fuel imports.
CNTJ pointed to the severe economic implications of the alleged mismanagement, noting that the $4 billion — equivalent to trillions of naira — could have funded critical sectors like healthcare, education and infrastructure.
The stakeholders argued that continued dormancy has exacerbated the soaring fuel prices and attendant high level of inflation in the country.
They made reference to yet to be confirmed claims that $1 billion was diverted to finance the All Progressives Congress, APC, 2023 election campaign, potentially violating provisions of the Electoral Act 2022.
CNTJ insisted that the EFCC must address the allegation and other questions surrounding the alleged $4 billion expenditure, including who authorized disbursements and whether there funds were laundered.
“We write as a civic coalition deeply invested in promoting accountability and protecting public resources. Corruption, when left unchecked, undermines democracy and impoverishes millions of Nigerians,” the statement said, pointing to the “public outcry over the alleged embezzlement of $4 billion, with the refineries remaining idle despite promises of restored functionality, leaving citizens questioning where the money went”.
Commending the EFCC for launching the probe, CNTJ however stressed that Nigerians deserve a detailed update on the investigation’s progress to maintain trust in the anti-corruption agency.
CNTJ described the probe as a critical test of EFCC’s commitment to accountability, especially given its recent handling of high-profile cases like that of former Kogi Governor Yahaya Bello.
It argued that the $4 billion fraud is not an abstract issue but a direct contributor to Nigeria’s economic woes, with the Minister of Finance admitting struggles to fund the national budget.
The missing funds, according to CNTJ, could have alleviated severe hardship faced by Nigerians, pccasioned by hike in transport fares and soaring food prices.
The statement added, “The controversy over the refinery rehabilitation fund cuts to the heart of Nigeria’s current economic crisis. At current exchange rates, the missing $4 billion translates into several trillions of naira — enough to finance substantial portions of the federal budget, pay down debts, and provide direct relief to millions of suffering families.
“The situation is doubly tragic because it compounds the hardships already facing ordinary Nigerians
“Our findings bring to light a troubling allegation: that $1 billion from the refinery funds was diverted to finance the 2023 campaign of the APC. If true, this represents not only misappropriation but also a violation of the Electoral Act 2022.
“If $1 billion went into campaign activities, then Nigerians must be told: what became of the remaining $3 billion? Who authorised such disbursements? Into whose accounts were these sums transferred?”
CNTJ warned that failure to provide clarity risks eroding public confidence in governance, particularly at a time when Nigerians are bearing the brunt of economic mismanagement.
“We urge the EFCC to release an interim report, or at least a detailed public briefing, outlining the findings to date. Such a report should clarify how much of the $4 billion was disbursed, who received it, and what results have been achieved.
“Particular attention should be given to tracing the alleged $1 billion campaign donation and the other $3 billion in question,” the statement added, stressing that where credible evidence of wrongdoing is found, those indicted should be charged to court without delay.
