The Economic and Financial Crimes Commission (EFCC), led by its Executive Chairman, Ola Olukoyede, has uncovered an alleged illegal industrial network involving petroleum refining, lithium processing and wood production in Ogere, Ogun State, under an investigation codenamed Operation Sovereign Wealth, as authorities move to establish the ownership of the facilities and investigate suspected economic crimes.

The discovery, announced on November 10, 2026, followed a series of enforcement operations targeting suspected illegal mining and industrial activities in the area.

Also read:Troops arrest two suspected Boko Haram suppliers in Borno

Olukoyede described the location as an extensive industrial zone where several businesses allegedly operated outside the country’s regulatory framework.

Speaking to journalists during an inspection of the facilities, the EFCC chairman explained that the investigation had revealed more than isolated cases of illegal processing.

The site reportedly contained several industrial installations, heavy machinery and independent electricity-generating systems capable of supporting continuous operations.

According to Olukoyede, the facilities included an alleged illegal petroleum refinery, lithium processing plants and a wood-processing factory.

The commission is investigating suspected money laundering, illegal mining and economic sabotage, with particular attention to how the operators obtained the raw materials and where the proceeds from their activities were directed.

“We are not just talking about one plant, two plants, three plants,” Olukoyede said, describing the scale of the discoveries.

He also questioned the absence of regulatory supervision over the operations, noting that the facilities appeared to have been running substantial industrial activities without the necessary monitoring.

The investigation has raised questions about the movement of Nigeria’s mineral resources, particularly lithium, which has attracted growing international interest because of its importance in battery production and energy storage.

Olukoyede suggested that some of the minerals processed at the Ogere facilities could have originated from other parts of the country, including the North-Central and North-West regions.

He questioned how such quantities of minerals were transported to the South-West and processed without attracting sufficient regulatory attention.

The discovery followed an earlier EFCC operation on October 23, 2026, during which operatives arrested 15 people, comprising 14 Chinese nationals and one Nigerian, at four suspected illegal lithium-processing facilities in Ogere.

The commission reportedly recovered bags of lithium-bearing materials, 18 mobile phones, four laptops and a trailer truck during that operation.

Subsequent investigations also led operatives to another suspected petroleum-processing facility in the area. However, the location was deserted when investigators arrived.

The EFCC reportedly discovered underground tanks believed to have been used for heating and processing petroleum products, alongside quantities of processed oil.

Investigators have since taken control of the premises while working to establish the identities of the suspected operators and the ownership of the facilities.

Another aspect of the investigation concerns a warehouse containing lithium batteries, telephone batteries and chargers. The commission also reported finding numerous motorcycles suspected to have been used to provide security around mining locations.

Olukoyede indicated that the motorcycles could have been distributed to individuals guarding mining activities in surrounding bush locations, although the precise circumstances remain under investigation.

The discovery has also prompted concerns about national security, particularly the possibility that unregulated mining operations could facilitate the movement of valuable minerals through informal networks.

However, the EFCC has not publicly established the identities of all individuals behind the industrial operations or confirmed the full geographical origins of the recovered minerals.

In a notable development, the commission has indicated that it does not intend to destroy the industrial infrastructure recovered during the operation.

Instead, Olukoyede said the EFCC would approach the courts for the necessary orders to preserve the facilities and work with relevant regulatory agencies to identify qualified professionals and licensed businesses capable of operating them legally.

The proposed arrangement is intended to prevent the loss of productive infrastructure while protecting Nigerians employed at the facilities.

The chairman explained that recovered assets should contribute to economic development rather than remain unused or be unnecessarily destroyed.

In a related statement, he said: “One of the high points of the fight against financial crimes and economic crime is to use it to stimulate the economy.

So all these things will not be destroyed. We are going to preserve them.”

The commission’s proposed approach is subject to judicial approval, and no new operators have been formally appointed to manage the facilities.

Operation Sovereign Wealth also comes against the background of Nigeria’s continuing efforts to regulate its solid minerals sector and address revenue losses associated with illegal mining.

The country’s lithium resources have become increasingly important as international demand for minerals used in electric vehicle batteries and renewable energy technologies continues to grow.

However, illegal extraction, inadequate oversight and the movement of minerals outside formal commercial channels have remained significant challenges for the authorities.

In May 2025, four Chinese nationals were convicted by a Federal High Court in Jos over illegal dealings in solid minerals.

The court ordered their deportation and the forfeiture of approximately N134.9m linked to the activities to the Federal Government.

The EFCC’s latest operation therefore places renewed attention on the need to protect Nigeria’s natural resources, strengthen regulatory supervision and ensure that legitimate businesses benefit from the country’s mineral wealth.

The commission has also appealed to residents and members of the public to report suspicious industrial and mining activities, particularly where large-scale operations appear to be taking place without appropriate regulatory oversight.

For now, investigations into the Ogere facilities remain ongoing. The EFCC is working to establish the identities of the suspected operators, trace the origins of the minerals and petroleum products, and determine whether other individuals or organisations were involved.

Also read:Troops arrest two suspected Boko Haram suppliers in Borno

The outcome could have implications beyond the immediate investigation, particularly if the authorities succeed in establishing a framework through which recovered industrial assets can be returned to productive use under lawful supervision.