The Economic and Financial Crimes Commission (EFCC) has stepped up its investigation into the Nigerian National Petroleum Company Limited (NNPCL) over allegations of misappropriating $2.96 billion allocated for refinery rehabilitation.
Sources familiar with the probe revealed that former managing directors of the Port Harcourt, Warri, and Kaduna refineries are among those being investigated, with several arrests already made.
“This is a wide-reaching investigation moving at a fast pace. There’s compelling evidence that funds were diverted into the personal accounts of former NNPCL officials,” a source told Sunday Vanguard.
At the center of the probe is the alleged mismanagement of funds earmarked for “quick-fix” maintenance projects: $1.56 billion for the Port Harcourt refinery, $740 million for Kaduna, and $657 million for Warri.
Though it is unclear whether former Group CEO Mele Kyari has been questioned or detained, EFCC officials are actively reviewing financial records and interviewing key witnesses in collaboration with NNPCL.
“This is not a cosmetic inquiry,” the source emphasized. “We intend to hold those responsible fully accountable. The integrity of Nigeria’s oil sector depends on it.”
To aid its investigation, the EFCC has formally requested a range of documents from NNPCL, including staff salaries and records of financial disbursements. EFCC spokesperson Dele Oyewale could not be reached for comment, as he is currently on assignment abroad.
Industry reactions to the probe have been mixed.
Professor Wumi Iledare, a petroleum economist and Executive Director of the Emmanuel Egbogah Foundation, refrained from assigning individual blame but underscored systemic failures:
“Nigeria’s refinery inefficiencies are well-known. The billions spent since 2021 on repairs highlight chronic governance lapses and short-sighted leadership in the oil and gas industry.”
He stressed the urgent need for a “transformational mindset,” warning that the current approach jeopardizes the goals of the Petroleum Industry Act (PIA) and long-term economic development.
However, an Abuja-based oil and gas analyst, speaking anonymously, suggested the probe may have political undertones.
“This appears to target Northern political figures perceived as opponents of President Bola Tinubu. It might be a tactic to pressure defections to the APC and consolidate support ahead of his re-election bid.”
As the investigation gains momentum, expectations are high that further arrests will be made. Public attention remains fixed on the outcome of this critical anti-corruption case.
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