The Economic and Financial Crimes Commission (EFCC) has uncovered staggering evidence of alleged misappropriation of $2.96 billion earmarked for the rehabilitation of Nigeria’s moribund refineries, marking a major breakthrough in its ongoing investigation into the Nigerian National Petroleum Company Limited (NNPCL).
High-ranking EFCC sources confirmed that large sums of money were traced to private accounts reportedly linked to former NNPCL officials, with the probe focusing on the Port Harcourt, Warri, and Kaduna refineries. The allocations under investigation include $1.56 billion for the Port Harcourt Refinery, $740 million for Kaduna, and $657 million for Warri.
Several arrests have already been made, including former managing directors of the affected refineries, as the anti-graft agency deepens its investigation in collaboration with NNPCL. The EFCC is also gathering financial records and interviewing key witnesses to map the flow of funds and prepare for further prosecutions.
“This is not a symbolic probe. We’re pursuing a robust and comprehensive investigation aimed at dismantling entrenched corruption and restoring credibility to the oil sector,” an EFCC official disclosed.
Reactions from industry experts have been mixed. Professor Wumi Iledare, Executive Director of the Emmanuel Egbogah Foundation, criticized the leadership style responsible for years of inefficiency, emphasizing the need for transformational, not transactional, leadership in Nigeria’s oil and gas sector.
As speculation swirls, it remains unclear whether former NNPCL Group CEO Mele Kyari has been summoned for questioning. At the time of this report, the EFCC had not confirmed his involvement.
This development sends shockwaves across Nigeria’s oil industry and raises new questions about transparency and accountability in the management of public resources.
