- EFCC initiates full-scale investigation into a $2.9 billion refinery fund scandal in Nigeria
- Uncovered over ₦80 billion in accounts linked to sacked Managing Director of a major refinery
- Probe includes inflated contracts, embezzlement, and money laundering related to refinery operations
The Economic and Financial Crimes Commission (EFCC), Nigeria's corruption watchdog, has initiated a full-scale investigation into a $2.9 billion refinery rehabilitation fund scandal, uncovering over ₦80 billion in accounts linked with the recently sacked Managing Director of a major refinery.
Nigerian Anti-graft agency probes $2.9bn refinery scandal, traces N80bn to sacked MD
ADVERTISEMENT
Recommended articles
Nigeria’s anti-graft agency, the EFCC has launched a major probe into a $2.9 billion refinery fund scandal, uncovering over ₦80 billion tied to the sacked MD of a key refinery.
The raid is part of a wider corruption investigation into fraudulent activities, including inflated contracts, embezzlement, and money laundering, related to operations in the government owned refineries.
Several NNPCL executives, including former GCEO Mele Kyari, are under intense scrutiny.
ADVERTISEMENT
An EFCC official said “We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited.
"Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?”
During Mele Kyari's tenure, $2.9 billion was allocated for refinery rehabilitation, aiming to reduce reliance on imported petroleum products and boost local refining capacity
BI Africa
Govt owned refineries remain broken
The arrest was necessitated by the corporation's failed attempts to revive the Port Harcourt and Warri refineries, despite significant financial investments, following reports of severe underperformance.
ADVERTISEMENT
The Warri refinery subsequently shut down again within a month, citing safety concerns.
The former Managing Director of Port Harcourt Refining Company is Mr. Ibrahim Onoja, while Efifia Chu headed the Warri Refining and Petrochemical Company
Notably, over ₦11.3 trillion had been spent since 2010 without any refinery operating at full capacity.
During Mele Kyari's tenure, $2.9 billion was allocated for refinery rehabilitation, aiming to reduce reliance on imported petroleum products and boost local refining capacity.
The investment, comprising $1.5 billion for the Port Harcourt refinery, $740 million for the Kaduna refinery, and $656 million for the Warri refinery, was allegedly mismanaged.
ADVERTISEMENT
The agency has requested NNPCL to provide certified copies of the emoluments and allowances for the listed officials, including retirees.
Additionally, they've asked for the confirmation of 13 former senior officials' names, including: Abubakar Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
The Nigerian Senate has also established an inquiry panel to conduct a comprehensive forensic audit of all refinery expenditures.
