The Economic and Financial Crimes Commission (EFCC) is conducting investigations into former executives of the Nigerian National Petroleum Company Limited (NNPCL) concerning the alleged misappropriation of approximately $2.96 billion designated for refinery rehabilitation. The funds were intended for the Port Harcourt, Warri, and Kaduna refineries, which have been plagued by operational issues.

Several high-ranking officials, including former refinery Managing Directors such as Ibrahim Onoja of the Port Harcourt Refining Company and Efifia Chu of the Warri Refining and Petrochemical Company, have been arrested. One former MD has reportedly been in EFCC custody for over a week. Significant sums of money were allegedly discovered in their bank accounts.

The investigation focuses on the allocation of funds, with $1.56 billion allocated to the Port Harcourt refinery, $740 million to the Kaduna refinery, and $657 million to the Warri refinery. The EFCC has requested comprehensive financial records from NNPCL, including emoluments and allowances of 14 officials, to thoroughly examine all relevant financial transactions.

Those under investigation include former chief executives Mele Kyari, Abubakar Yar’Adua, former chief financial officer Umar Ajiya, former GED finance Isiaka Abdulrazak, and other senior officials. Some of these officials were recently dismissed as part of a management overhaul ordered by President Bola Tinubu. The EFCC's investigation follows President Tinubu’s decision in April to dissolve the NNPC board and sack Kyari, replacing him with Bashir Ojulari. A new eight-member senior management team has also been appointed.

Finance Minister Wale Edun disclosed that a forensic audit of NNPC is underway, emphasizing the need for transparency and improved performance from the state oil company.