FCT, Abuja – The Economic and Financial Crimes Commission (EFCC) has launched a fresh investigation into former executives of the Nigerian National Petroleum Company Limited (NNPCL) and recently dismissed managing directors of the Port Harcourt, Warri, and Kaduna refineries.
The probe centres on the alleged misappropriation of approximately $2.96 billion (around N80 billion) earmarked for the rehabilitation of the refineries, which have suffered from long-standing operational issues.
A senior EFCC official, speaking on the condition of anonymity, confirmed the investigation involves several high-ranking individuals.
The funds in question were allocated for the short-term maintenance and upgrade of these key national assets, which have faced ongoing challenges in their operations.
Focus on Misappropriated Funds for Refineries
The EFCC’s investigation is focusing on the disbursement of funds for the maintenance of the Port Harcourt, Warri, and Kaduna refineries.
According to preliminary findings, the funds allocated for each refinery are significant:
$1.56 billion was allocated to the Port Harcourt refinery; $740 million was earmarked for the Kaduna refinery; $657 million was designated for the Warri refinery.
These amounts have raised concerns over how the funds were managed and whether they were misappropriated.
Sources close to the investigation indicated that the commission is scrutinising the allocation and usage of these funds.
Arrests and Fresh Developments
Several high-ranking officials have already been arrested in connection with the investigation.
Among those detained are former Managing Directors Ibrahim Onoja of the Port Harcourt Refining Company and Efifia Chu of the Warri Refining and Petrochemical Company.
One former MD, whose name has not been disclosed, has reportedly been in EFCC custody for over a week.
Large sums of money were allegedly discovered in his bank accounts, further intensifying suspicions regarding the mismanagement of the funds.
“The magnitude of this scandal is unprecedented, and some are already comparing it to the infamous ‘Emefielegate’ scandal,” an insider close to the EFCC investigation revealed. “Given the scale of the alleged theft, this case could prove to be even larger in terms of the sums involved.”
EFCC Requests Financial Records from NNPCL
As part of the investigation, the EFCC has formally requested comprehensive financial records from NNPCL.
These records include detailed information on the emoluments, allowances, and other financial matters related to the former executives and the refineries in question.
The commission is keen to ensure a thorough examination of all relevant financial transactions to fully uncover the extent of the alleged theft.
At the time of writing, EFCC spokesman Dele Oyewale was unavailable for comment, and no official statement had been released from the commission regarding the status of the investigation.
The ongoing probe into the NNPC executives and refinery MDs has attracted widespread attention, particularly given the size of the alleged misappropriation.
The scandal has raised concerns about the continued inefficiency and mismanagement in Nigeria’s state-run oil sector, and many are questioning the role of government officials in overseeing the use of public funds.