The Economic and Financial Crimes Commission (EFCC) has uncovered a staggering ₦80 billion in multiple bank accounts linked to a former managing director of one of the Nigerian National Petroleum Company Limited (NNPCL) refineries, as part of an ongoing investigation into an alleged $2.9 billion fraud involving the rehabilitation of Nigeria’s moribund refineries.
The anti-graft agency is currently interrogating several top officials who served as managing directors of the Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC). Among those reportedly detained are Ibrahim Onoja, a former MD of the PHRC, and Efifia Chu, who formerly headed the WRPC.
The massive funds discovered in the sacked executive’s accounts were traced during the commission’s probe into how over $2.9 billion, allocated for the long-overdue turnaround maintenance of the three state-owned refineries, was disbursed and utilized. According to reliable sources within the EFCC, each of the refineries received significant allocations in recent years—$1.56 billion to PHRC, $740.67 million to KRPC, and $656.96 million to WRPC—yet none of the facilities has resumed full operations or processing capacity.
“We are investigating the disbursement and use of the rehabilitation funds allocated to all three refineries. All principal officers who were in charge when the funds were released are being invited for questioning,” an EFCC official disclosed under anonymity.
In a further development, the EFCC has formally written to the NNPCL requesting certified true copies of emoluments, benefits, and allowances for at least 14 senior executives, including the immediate past Group Chief Executive Officer, Mele Kyari. The letter, dated April 25, 2025, is believed to be part of a broader probe into allegations of abuse of office and financial misappropriation within the state oil firm.
The NNPCL is yet to issue an official statement on the matter, and calls to its spokesperson, Olufemi Soneye, have gone unanswered as of press time.
This scandal comes at a time when the country is grappling with rising fuel prices, persistent import dependency for refined petroleum products, and mounting pressure on the government to revive local refining capacity.
The EFCC has assured Nigerians that no stone will be left unturned in unraveling the full extent of the alleged fraud and ensuring that all those found culpable are brought to justice. The commission also reiterated its commitment to recovering stolen public funds and restoring public trust in government institutions.
