The Economic and Financial Crimes Commission (EFCC) has launched a sweeping investigation into the Nigerian National Petroleum Company Limited (NNPCL). The EFCC Probes target the alleged mismanagement of $2.96 billion meant for refinery repairs. This investigation marks one of the most serious corruption cases in Nigeria’s recent oil sector history.
The EFCC now focuses on former Managing Directors of Port Harcourt, Warri, and Kaduna refineries. The Commission suspects that they misused large allocations for quick-fix maintenance. It has already made arrests, and more arrests are expected.
EFCC Probes: Breakdown of the $2.96 Billion Under Investigation
EFCC insiders revealed the following figures:
- $1.56 billion went to the Port Harcourt Refinery.
- $740 million was for the Kaduna Refinery.
- $657 million funded the Warri Refinery.
Despite these huge sums, the refineries are not fully operational. Their continued failure has sparked public anger and increased scrutiny of spending.
EFCC Probes Financial Flows, Targets Personal Accounts
The EFCC has reportedly found evidence of diverted funds, with investigators tracing portions of the $2.96 billion to personal accounts of former officials. Investigations are ongoing to determine how the funds allocated for refinery repairs were misused.
The EFCC has requested full financial records from NNPCL, including emoluments, allowances, and contractor payments. This move signals that the probe now includes the company’s entire financial system under its previous leadership.
Mele Kyari Denies Arrest, Calls Rumors “Mischief”
Former NNPCL Group CEO Mele Kyari denied claims that he is in EFCC custody. He issued a late-night post on his X (formerly Twitter) handle. Kyari called the rumors a “calculated attempt” to damage his image.
“I must emphasize that I served with the fear of God… I am happy to account for my stewardship in this world,” Kyari wrote, pledging to respond to “all lawful queries” if called upon.
Kyari explained that he is on a “well-deserved rest” after his recent removal. President Bola Tinubu removed Kyari and Chairman Pius Akinyelure in April. He then appointed Bashir Ojulari as the new CEO.
Political Undertones in the EFCC Probes Emerge
Although the EFCC claims neutrality, political interpretations continue to grow. A northern oil expert alleged that the probe could serve political goals. He believes that the investigation may pressure northern politicians to back Tinubu’s 2027 re-election bid.
“The investigation might weaken northern opposition and draw defectors to the ruling party,” he said, fueling speculations about the timing and scope of the anti-corruption drive.
Experts: A Moment of Reckoning for Nigeria’s Oil Sector
Industry professionals describe the EFCC Probes as a turning point. Professor Wumi Iledare, a petroleum economist, emphasized that only courts can determine guilt. Still, he noted that refinery failures show serious governance flaws.
“Transactionalism has undermined the Petroleum Industry Act’s goals. Without a transformational shift in leadership mindset, reforms will continue to fall flat,” Iledare said.
Conclusion: Transparency vs. Trust Deficit
This EFCC probe into refinery repair funds could rebuild public trust in Nigeria’s oil sector. That can happen only if the EFCC remains transparent and adheres to the rule of law.
Kyari’s denial may have reduced speculation, but deeper questions remain. Will the government pursue true accountability? Or will this probe quietly fade like past efforts?
As arrests continue and scrutiny intensifies, Nigerians and global observers are watching closely.
