The Economic and Financial Crimes Commission (EFCC) is investigating former executives of the Nigerian National Petroleum Company Limited (NNPCL), along with recently dismissed managing directors of the Port Harcourt, Warri, and Kaduna refineries, over the alleged misappropriation of approximately $2.96 billion earmarked for the rehabilitation of the facilities.
A senior EFCC official, who spoke on the condition of anonymity, confirmed that the probe involves several high-ranking individuals.
The investigation focuses on funds allocated for the short-term maintenance of the refineries, which have been plagued by long-standing operational challenges.
Preliminary findings indicate that the EFCC is scrutinising specific disbursements: $1.56 billion for the Port Harcourt refinery, $740 million for the Kaduna refinery, and $657 million for the Warri refinery.
Several officials have already been arrested, including former Managing Directors Ibrahim Onoja of the Port Harcourt Refining Company and Efifia Chu of the Warri Refining and Petrochemical Company.
One of the former MDs is reported to have been in EFCC custody for over a week, after substantial sums were allegedly discovered in his bank accounts. The revelations have sparked concerns that the magnitude of this scandal could exceed that of the infamous “Emefielegate”.
At the time of filing this report, EFCC spokesman Dele Oyewale was unavailable for comment.
Meanwhile, the commission has formally requested comprehensive financial records from NNPCL, including details of emoluments and allowances, to aid its investigation.
