$3bn refinery fraud: N80bn found in sacked MD’s bank accounts
The Economic and Financial Crimes Commission (EFCC) has arrested some top management of the Nigeria National Petroleum Company limited (NNPCL) earlier sacked by the new board and management over alleged malfeasance.
Earlier, sources at the NNPCL told Saturday PUNCH that one of the sacked MDs had been with the EFCC for about a week.
“Large amounts of money 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 official, who spoke in confidence due to the nature of the probe, stated.
Another official stated, “All the three of them are being investigated by the EFCC. It is indeed sad!”
Kyari under probe?
A document obtained by Punch correspondent on Friday from NNPCL, dated April 28, 2025, and titled, ‘Investigation Activities: Request for Information’, indicated that the probe by EFCC included the immediate past Group Chief Executive Officer of the national oil firm, Mele Kyari.
The EFCC document was addressed to the Group Managing Director (Group Chief Executive Officer) of the national oil company and contained the names of 13 other former senior executives of the NNPCL.
“The commission is investigating a case of abuse of office and misappropriation of funds in which the underlisted officials of your organisation featured,” the document stated.
It outlined the officials to include Abubakar Yar’Adua, Mele Kyari, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ibrahim Onoja, Ademoye Jelili, and Mustapha Sugungun.
Others are Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya and Desmond Inyama.
“In view of the above, you are kindly requested to furnish certified true copies of their emoluments and allowances, including that of those who have retired and no longer work with your organisation,” the anti-graft commission told the NNPCL boss.
The spokesperson for the NNPCL, Olufemi Soneye, has remained mute over allegations against top officials of the company, as he ignored repeated enquiries on the matter.
Lies uncovered?
Although this is not the first time the company has feigned the effectiveness of its operations, citizens have noted that the lack of transparency not only deepens public distrust but also fuels speculation about the company’s true intentions and the actual state of Nigeria’s oil infrastructure.
Last Tuesday, the NNPCL came under fire as the $897m Warri refinery revamp flopped.
The $1.5bn newly repaired Port Harcourt refinery had been struggling at under 37.87 per cent production capacity.
This was after the revelation that the Warri Refining and Petrochemical Company had remained shut since January 25, 2025, due to safety issues in its Crude Distillation Unit Main Heater.
- An April 2025 document on the Midstream and Downstream sector obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority revealed that the refinery, which consumed $897.6m in maintenance costs, failed to produce Premium Motor Spirit (petrol) and was shut down barely a month after former NNPCL boss, Kyari, declared it operational.
