The Economic and Financial Crimes Commission (EFCC) has intensified its probe into alleged financial mismanagement at the Nigerian National Petroleum Company Limited (NNPCL), zeroing in on the $2.96 billion allocated for the repair of Nigeria’s moribund refineries.
Multiple arrests have already been made, with several former Managing Directors of the Port Harcourt, Warri, and Kaduna refineries reportedly under investigation.
A top EFCC source who spoke to Vanguard revealed that investigators had traced substantial sums of money to private accounts linked to former NNPCL officials.
“The investigation is advancing rapidly and covers a wide scope,” the source said. “We have uncovered compelling evidence of significant misappropriation of funds, including large sums traced to the personal accounts of former officials.”
The focus of the investigation includes the $1.56 billion earmarked for Port Harcourt Refinery, $740 million for Kaduna Refinery, and $657 million for Warri Refinery.
The EFCC is said to be working closely with NNPCL to obtain financial records and interview key witnesses as it tracks the flow of the funds and prepares for more arrests in the coming days.
“This is not a superficial inquiry. It is a determined effort to root out corruption and restore confidence in the oil sector,” the source added.
Although rumours are circulating about the possible questioning of immediate past NNPCL CEO, Mele Kyari, it remained unclear as of press time whether he has appeared before the commission.
Experts in Nigeria’s oil and gas industry have expressed mixed reactions to the EFCC probe.
Professor Wumi Iledare, a Petroleum Economics expert and Executive Director of the Emmanuel Egbogah Foundation, said while he would not pass judgment, the recurring inefficiencies in Nigeria’s refineries raise serious concerns.
“The substantial financial outlays committed since 2021 to the refurbishment of these facilities highlight the broader consequences of transactional leadership,” Iledare noted.
He added that a transformative leadership approach rooted in shared national prosperity was essential for real reform in the oil and gas sector.
“Only a transformational mindset can reject the practice of retaining public funds for personal gain,” he added.
An Abuja-based oil analyst, however, viewed the development as politically motivated.
“This investigation is partly aimed at northern politicians opposing Tinubu’s second term bid. It could force more defections to the ruling APC,” the expert claimed.
Meanwhile, the EFCC has officially written to NNPCL requesting detailed financial records, including documentation on emoluments and allowances.
The Commission’s spokesperson, Dele Oyewale, was unavailable for comment as he is currently on assignment abroad.
The NNPCL is yet to issue an official statement on the matter.
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