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The Economic and Financial Crimes Commission (EFCC) has launched a high-stakes investigation into the alleged disappearance of $2.96 billion earmarked for the rehabilitation of Nigeria’s three major refineries.
The probe centres on top officials of the Nigerian National Petroleum Company Limited (NNPCL) and recently sacked managing directors of the Port Harcourt, Warri, and Kaduna refineries. Sources within the EFCC confirmed that multiple arrests have been made, with more expected as the investigation unfolds.
According to sources, the funds were allocated for short-term repairs aimed at reviving the country’s non-functional refineries. Despite the huge spending, the facilities remain comatose, prompting deeper scrutiny.
Former refinery chiefs Ibrahim Onoja and Efifia Chu have reportedly been arrested. One of them has allegedly been in EFCC custody for over a week, after investigators uncovered large sums stashed in his private bank accounts.
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The revelation has sent shockwaves through the oil sector, with speculation already swirling that this scandal could outscale the recent “Emefielegate.”
At the time of this report, the anti-graft organisation has yet to release official statements on the investigations. However, the commission is said to have formally demanded financial records from NNPCL, including salary and allowance breakdowns, to aid its forensic audit.
This isn’t the first time billions have been pumped into Nigeria’s refineries without results. Several previous administrations have promised turnaround maintenance and reforms, yet fuel imports continue while the refineries rot.
For many Nigerians, this probe may finally expose why decades of funding never translated to production, and whether justice will be served this time around.
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