A $3 billion refinery fraud has rocked Nigeria’s petroleum sector as authorities have traced N80 billion to the personal accounts of a recently sacked managing director of one of the country’s state-owned refineries.
The revelation follows the arrest of the former managing directors and top executives of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company by the Economic and Financial Crimes Commission (EFCC). The arrests are part of a sweeping probe into the alleged mismanagement of $2.96 billion allocated for the rehabilitation of the refineries.
Notably, $1.56 billion was released for the revamp of the Port Harcourt refinery, $740.7 million for the Kaduna refinery, and $657 million for the Warri refinery.
The ex-MD of Port Harcourt Refining Company is Mr. Ibrahim Onoja, while Efifia Chu was in charge of the Warri Refining and Petrochemical Company.
Sources within the Nigerian National Petroleum Company Limited (NNPCL) disclosed that one of the sacked MDs had N80 billion stashed in multiple bank accounts.
‘Large amounts have been discovered in his accounts. About N80 billion has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate’, a source said under condition of anonymity.
The scandal comes amid widespread criticism of NNPCL’s claims about the operational readiness of the Port Harcourt and Warri refineries, both of which resumed operations in late 2024 but have since underperformed. The Port Harcourt plant is reportedly operating below 40% capacity, while the Warri refinery was shut down again within a month due to safety issues.
‘We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited. Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?’ an EFCC official said.
The investigation has also extended to former top executives at NNPCL.
A document dated 28 April 2025, and titled ‘Investigation Activities: Request for Information’, lists Mele Kyari, the immediate past Group Chief Executive Officer of NNPCL, among those under probe.
The EFCC’s request included names of 13 former senior officials, including Abubakar Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
The agency has asked NNPCL to provide certified true copies of the emoluments and allowances of the listed officials, including those who have retired.
