The Economic and Financial Crimes Commission (EFCC) has reportedly made a major breakthrough in its ongoing investigation into financial misconduct in Nigeria’s oil sector, with the arrest of multiple recently dismissed managing directors and senior executives from the country’s foremost refineries. These arrests are linked to the alleged mismanagement and misappropriation of close to $3 billion that was earmarked for critical rehabilitation projects at the refineries.
Among those taken into custody are former top officials from the Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC). These arrests are part of a wider effort by the EFCC to uncover how billions of dollars allocated for the refurbishment of the facilities were allegedly diverted or misused.
Findings by Saturday PUNCH reveal that the EFCC is scrutinizing the disbursement and application of a total sum of $2,956,872,622.36, which had been distributed among the three refineries for the purpose of major upgrades. Specifically, the Port Harcourt refinery received $1,559,239,084.36, the Kaduna refinery got $740,669,600, while $656,963,938 was allocated to the Warri refinery.
Key individuals now being interrogated include Mr. Ibrahim Onoja, who served as Managing Director of PHRC, and Mr. Efifia Chu, former MD of WRPC. The identity of the dismissed Managing Director of KRPC remains undisclosed at the moment. These individuals are expected to provide crucial information on the handling of the funds and whether any fraudulent activities were carried out under their watch.
In a shocking development, sources within the Nigerian National Petroleum Company Limited (NNPCL) have disclosed that an eye-watering sum of N80 billion was discovered in a single bank account linked to one of the sacked refinery bosses. This discovery has deepened the investigation and raised serious alarms over the scale of financial abuse within Nigeria’s oil sector.
Industry experts and energy analysts have not held back in criticizing the NNPCL, accusing the company of engaging in deliberate misinformation regarding the operational readiness and performance of the refineries. They argue that while official reports claimed the Port Harcourt and Warri refineries resumed operations in late 2024, the reality on the ground shows minimal output, casting doubt on the effectiveness of the supposed rehabilitation.
This unfolding scandal has sparked renewed calls from stakeholders for greater transparency and accountability in the management of Nigeria’s critical oil infrastructure. Advocacy groups and public policy experts are urging the government to publish complete audit reports detailing how the rehabilitation funds were spent and to prosecute anyone found to have committed financial crimes.
Although the EFCC has not yet released an official public statement regarding the arrests and findings, internal sources suggest that the investigation is far from over. More arrests, formal charges, and possible high-profile indictments are expected as the anti-graft agency continues to unravel what may be one of the largest financial scandals in Nigeria’s oil hist
ory.