- Launches Wider Probe Into Alleged $2.9 Billion Fraud
By Abiola Olawale
Public outrage has begun to escalate across Nigeria as the Economic and Financial Crimes Commission (EFCC) has reportedly uncovered a staggering N80 billion traced to bank accounts linked to one of the sacked officials of the Nigerian National Petroleum Company Limited (NNPCL).
The revelation was said to have come amid an ongoing investigation and intense probe into the alleged misappropriation and stealing of a whopping $2.96 billion earmarked for the rehabilitation of the nation’s refineries.
A report released by the PUNCH revealed that the ongoing EFCC investigation targets former executives of NNPCL and recently dismissed managing directors of the Port Harcourt, Warri, and Kaduna refineries.
Sources quoted by the media organization reveal that the probe centres on funds allocated for refinery maintenance, with $1.56 billion designated for Port Harcourt, $740 million for Kaduna, and $657 million for Warri.
According to the report, preliminary findings have revealed allegations of large-scale financial impropriety, with N80 billion allegedly found in accounts tied to one of the sacked refinery chiefs.
While the name of the said official remains sketchy, the former Managing Director of Port Harcourt Refining Company Ltd is Mr Ibrahim Onoja, while Efifia Chu served as the ex-Managing Director of the Warri Refining and Petrochemical Company Ltd.
“Large amounts have been discovered in his accounts. About N80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate,” the PUNCH quoted a source as saying.
Another official stated, “All three of them are being investigated by the EFCC. It is indeed sad!”
Also, sources at the NNPCL disclosed that the EFCC is also investigating 13 former senior officials.
The agency was said to have requested certified records of these officials’ emoluments and allowances as part of an investigation into the refinery rehabilitation fraud.
One of the sources, according to the newspaper, 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?.”
This comes after reports emerged that the NNPCL underwent another significant management shake-up, which reportedly affected over 200 senior staff members, including key allies of former Group Chief Executive Officer (GCEO) Mele Kyari.
The management shake-up was said to have been triggered by the newly appointed GCEO Bayo Ojulari.
Sources familiar with the development said Ojulari initiated the policy decision as part of what he believes is a bold step towards enhancing operational efficiency, capacity, openness, and transparency within Nigeria’s state-owned oil giant.
The emergence of the report coincided with NNPCL coming under fire over refinery rehabilitation fraud.
Recall that the national oil company came under massive checks after reports showed that the $897m Warri refinery revamp had been allegedly misappropriated, leading to a glop in the maintenance or rehabilitation project.
A document on the Midstream and Downstream sector obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that the Warri refinery has been non-operational since January 25, 2025.
Since then Nigerians have been expressing their concerns about a potential refinery rehabilitation crisis occasioned by fraudulent practices at the top hierarchy of the organization.
