BREAKING: $3 Billion Refinery Fraud: N80 Billion Discovered in Fired MD’s Accounts

According to PUNCH NEWSPAPER, the Economic and Financial Crimes Commission (EFCC) has detained former managing directors of the Port Harcourt, Warri, and Kaduna refineries, as well as several high-ranking officials of the Nigerian National Petroleum Company Limited (NNPCL), over suspected financial wrongdoing in the multi-billion-dollar rehabilitation of Nigeria’s refineries.

 

BREAKING: Billion Refinery Fraud: N80 Billion Discovered in Fired MD's Accounts

The arrests came after the new NNPCL leadership removed the refinery heads and other senior executives, following public criticism over the refineries’ poor performance despite massive funding. The EFCC is probing the alleged diversion of $2.96 billion earmarked for the repair of the three government-owned refineries. Sources disclosed that more than N80 billion was traced to the personal accounts of one of the dismissed officials now held by the EFCC.

Operations at the Port Harcourt and Warri refineries have been severely underwhelming, running at minimal capacity or halting soon after reopening. Despite official claims that the plants were operational, investigations showed little to no actual fuel production, casting doubt on the transparency of the rehabilitation process. An EFCC document obtained by reporters indicates that the investigation also involves former NNPCL Group CEO Mele Kyari and 13 other senior executives. They are under scrutiny for alleged abuse of power and mismanagement of public funds related to the refineries’ refurbishment.

Energy analysts and industry stakeholders have criticized the NNPCL for allegedly deceiving the public and orchestrating commissioning ceremonies to falsely portray progress. The scandal has deepened public distrust, with labor unions warning of potential strikes over poor working conditions, while experts demand a complete restructuring of the sector.

As the probe continues, there is increasing pressure on the government to ensure accountability and implement strong measures to tackle systemic failures in Nigeria’s oil industry.