EFCC Uncovers N80 Billion Linked to Ex-NNPCL Official Amid $2.9 Billion Refinery Fraud Probe
Public Outrage Grows as Anti-Graft Agency Expands Investigation
By Abiola Olawale
The Economic and Financial Crimes Commission (EFCC) has reportedly traced a staggering N80 billion to bank accounts connected to a dismissed official of the Nigerian National Petroleum Company Limited (NNPCL), sparking nationwide outrage. The discovery comes amid a widening probe into the alleged misappropriation of $2.96 billion meant for refinery rehabilitation projects across Nigeria.
Details of the Ongoing Investigation
According to reports, the EFCC’s investigation targets former NNPCL executives and recently sacked managing directors of the Port Harcourt, Warri, and Kaduna refineries. The probe focuses on funds allocated for refinery maintenance, including:
- $1.56 billion for Port Harcourt refinery
- $740 million for Kaduna refinery
- $657 million for Warri refinery
Preliminary findings reveal large-scale financial irregularities, with N80 billion allegedly discovered in accounts linked to one of the dismissed refinery chiefs. While the official’s identity remains undisclosed, sources suggest the amount could surpass previous high-profile corruption cases.
Expanding Scope of the Probe
The EFCC has reportedly extended its investigation to 13 former senior NNPCL officials, requesting certified records of their emoluments and allowances. An agency source stated: “We are investigating the money that was released for the rehabilitation of all three refineries. All principal officers within that time frame are being invited.”
The investigation follows a major management shake-up at NNPCL under new Group Chief Executive Officer Bayo Ojulari, which affected over 200 senior staff members, including allies of former CEO Mele Kyari.
Refinery Rehabilitation Controversy
The probe comes amid growing concerns about Nigeria’s refinery rehabilitation program. Documents reveal the Warri refinery has been non-operational since January 2025, despite the $897 million allocated for its revamp. Nigerians have expressed frustration over the apparent failure of refinery rehabilitation projects despite massive funding allocations.
As the EFCC continues its investigation, public attention remains focused on accountability for the alleged mismanagement of funds meant to revitalize Nigeria’s critical oil infrastructure.
Full credit to the original publisher: New Diplomat