The Economic and Financial Crimes Commission (EFCC) has officially returned ₦3.9 billion in recovered stolen assets to the Nigerian National Petroleum Company Limited (NNPCL).
The high-profile handover, which took place on Wednesday at the EFCC’s headquarters in the capital, marks a pivotal moment in the ongoing effort to sanitize the nation’s energy sector and dismantle internal syndicates of fraud.
The precise sum of ₦3,936,145,822 was presented by the Secretary to the Commission, Mohammed Hammajoda, who acted on behalf of EFCC Chairman Ola Olukoyede. According to Hammajoda, the recovery was the culmination of intensive investigations into “fraudulent engagements” by specific actors within the NNPCL.
While the EFCC did not name the specific culprits in this N3.9 billion haul, the recovery serves as a stern reminder of the financial leakages that have long plagued the state-owned oil firm.
“On behalf of the EFCC, I present this sum to you,” Hammajoda stated during the ceremony, emphasizing that the funds were the direct proceeds of successfully intercepted criminal activities.
Receiving the funds, Mumuni Dagazau, NNPCL’s Executive Vice President (Downstream), characterized the day as a major win for corporate transparency. His remarks painted a picture of an organization actively trying to shed its legacy of “struggles and challenges.”
Key highlights from Dagazau’s response
Systemic Correction: Acknowledged the NNPCL’s historical difficulties and the ongoing drive to “correct the system.”
Inter-Agency Synergy: Credited the EFCC for its technical support in tracing and securing the funds.
Future Commitment: Vowed to continue utilizing the anti-graft agency to root out bad actors.
“When the opportunity came for this recovery… it was something I was really proud of,” Dagazau noted. “We are very excited. This is a real commitment for us moving forward.”
This multi-billion-naira handover is not an isolated incident in the EFCC’s current focus on the petroleum sector. Just last month, on February 9, 2026, the commission arraigned two suspects before the Federal Capital Territory High Court for a separate, brazen scam.
In that instance, the suspects allegedly defrauded a victim of ₦603.4 million by promising to secure her an appointment as the Group Managing Director (GMD) of the NNPC. The case, involving charges of forgery and obtaining money by pretense, highlights a growing trend of “high-stakes job fraud” targeting the oil industry.
The return of N3.9 billion provides a much-needed liquidity boost to the NNPCL and signals that the EFCC is moving beyond mere arrests toward the tangible restitution of stolen public wealth.
As the NNPCL transitions further into its role as a commercial entity, the pressure to maintain a “fraud-free” balance sheet has never been higher.
WHAT YOU SHOULD KNOW
This recovery of ₦3.9 billion is more than just a financial transaction; it is a high-stakes demonstration of inter-agency accountability in Nigeria’s most critical economic sector.
The NNPCL is actively shifting from a culture of historical “leakages” to one of recovery, utilizing the EFCC not just as a prosecutor but as a strategic partner to claw back stolen assets and sanitize its internal operations.
