The Economic and Financial Crimes Commission (EFCC) has uncovered a massive financial fraud involving the recently sacked managing directors and senior officials of Nigeria’s three major refineries — Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company — over alleged mismanagement of nearly $3 billion in rehabilitation funds.

Saturday Punch reports that the anti-graft agency is investigating the disbursement and suspected misappropriation of $2.96 billion allocated to revamp the dormant refineries.

Specifically, $1.56 billion was approved for Port Harcourt, $741m for Kaduna, and $657m for Warri.

The former MD of the Port Harcourt Refining Company, Ibrahim Onoja, and his Warri counterpart, Efifia Chu, are among those arrested.

In a development that shocked investigators, approximately N80 billion was reportedly traced to bank accounts linked to one of the ex-MDs currently in EFCC custody.

A senior official familiar with the probe told Saturday Punch that this figure could rise significantly as the investigation deepens.

“We are questioning all key figures who had roles during the rehabilitation period of these refineries,” the source said.

“Some have already been arrested; others are being tracked. Nigerians deserve to know where the money went and why the refineries still don’t work.

Kyari, 13 others under investigation

Meanwhile, the probe also extends to former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

A document dated April 28, 2025, obtained by the paper, listed Kyari and 13 other former senior executives of the NNPCL as persons of interest.

According to the EFCC, the individuals are being investigated for abuse of office and misappropriation of funds

The agency has requested certified records of their earnings and benefits from the NNPCL.

The listed officials include:

Abubakar Yar’Adua, Mele Kyari, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ibrahim Onoja, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama

The arrest of top officials comes amid widespread criticism of NNPCL for allegedly misleading the public about the operational status of the refineries, particularly the Port Harcourt and Warri facilities.

Although the Port Harcourt refinery resumed operations in November 2024 and Warri in December 2024, the latter shut down less than a month due to safety concerns.

The Port Harcourt plant has reportedly been operating below 40 per cent of its installed capacity since restarting.

A previous report highlighted how the $897 million revamp of the Warri refinery failed to deliver, with the plant reportedly shutting down operations on January 25, 2025, because of a malfunction in its crude distillation unit.

Similarly, the $1.5bn Port Harcourt refinery project has failed to hit projected targets, functioning at just 37.87 per cent capacity, far below expectations.

The unfolding scandal has further eroded public confidence in the NNPCL and raised fresh concerns over transparency in Nigeria’s oil and gas sector.

Experts say the inconsistencies in refinery performance and the lack of accountability in fund management have long plagued the national oil company.

The Warri refinery, with a capacity of 125,000 barrels per day, was revived amid fanfare in late December 2024. Located in Ekpan, Uwvie, and Ubeji areas of Warri, the facility includes a petrochemical plant with an annual capacity of 13,000 metric tonnes of polypropylene and 18,000 metric tonnes of carbon black.

President Bola Tinubu had previously lauded the NNPCL for completing the rehabilitation of the refinery, claiming it would operate at 60 per cent capacity — a claim now under serious scrutiny.

The Port Harcourt refinery’s $1.5 billion upgrade, funded through international loans, has been repeatedly delayed and marred by operational inconsistencies since its announcement.

As the EFCC widens its investigation and arrests continue, public demand for accountability has intensified.

Many are calling for an independent audit of all NNPCL rehabilitation projects and a comprehensive overhaul of the state-owned oil company’s operations.