A sweeping anti-corruption probe has rocked Nigeria’s petroleum sector. The Economic and Financial Crimes Commission (EFCC) is investigating the alleged misappropriation of nearly $3 billion allocated for the rehabilitation of the country’s state-owned refineries.
The EFCC has arrested the recently sacked managing directors and top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The officials are under investigation for the alleged mismanagement of funds earmarked for rehabilitating these facilities. The total amount under scrutiny is approximately $2.96 billion, with allocations of $1.56 billion for the Port Harcourt refinery, $740.7 million for the Kaduna refinery, and $657 million for the Warri refinery.
In a startling revelation, authorities have traced ₦80 billion (approximately $53 million) to the personal bank accounts of one of the sacked managing directors. Sources within the Nigerian National Petroleum Company Limited (NNPCL) disclosed that this discovery raises serious concerns about the scale of corruption within the organization.
Despite claims of successful rehabilitation, the refineries have failed to operate at optimal capacity. The Port Harcourt refinery is reportedly operating below 40% capacity, while the Warri refinery was shut down again within a month of resuming operations due to safety issues. These operational failures have led to widespread criticism of NNPCL’s transparency and efficiency.
The EFCC’s investigation extends beyond the refinery’s managing directors. A document dated April 28, 2025, titled “Investigation Activities: Request for Information,” lists 13 former senior officials of NNPCL, including the immediate past Group Chief Executive Officer, Mele Kyari, as subjects of the probe. The EFCC has requested certified true copies of the emoluments and allowances of these officials, some of whom have already retired.
In response to the scandal, NNPCL has initiated a major shake-up, removing the managing directors of its three state-owned refineries and directing management staff with less than a year to retirement to proceed on exit. This move is part of efforts to reposition the organization under new leadership and restore public trust.
The unfolding investigation underscores the urgent need for transparency and accountability in Nigeria’s oil sector, as the nation grapples with the implications of this significant financial scandal.