The Economic and Financial Crimes Commission (EFCC) has arrested several recently ousted managing directors and senior officials of the Port Harcourt, Warri, and Kaduna refineries, following revelations of substantial financial mismanagement related to rehabilitation funds. Notably, investigators discovered a staggering 80 billion naira in the account of one of the dismissed managing directors.
The crackdown is part of a broader investigation into alleged misappropriation of funds totaling approximately $2.9 billion that were allocated for the refurbishment of the state-owned refineries. Investigative reports from the PUNCH indicate that the EFCC is scrutinizing the allocation of $1.5 billion for the Port Harcourt refinery, $740 million designated for the Kaduna refinery, and $656 million approved for the Warri refinery.
Identified among those arrested are Mr. Ibrahim Onoja, the former Managing Director of Port Harcourt Refining Company Ltd, and Efifia Chu, the former Managing Director of Warri Refining and Petrochemical Company Ltd.
According to high-level sources at the Nigerian National Petroleum Company Limited (NNPCL), the discovery of 80 billion naira in one sacked MD’s account has raised serious questions about the management of the funds.
A senior EFCC official, who requested anonymity due to the sensitive nature of the investigation, confirmed the ongoing inquiry. “We are looking into the funds released for the rehabilitation of all three refineries—money allocated in recent times. All principal officers during that period are being summoned for questioning. Some have already been arrested, and we are still pursuing others. Nigerians are eager to see our refineries operational, which raises the questions: where is the money, and what has happened to the refineries?” the official stated.
A document obtained from NNPCL, dated April 28, 2025, and titled “Investigation Activities: Request for Information,” revealed that the probe is also targeting the immediate past Group Chief Executive Officer of the national oil company, Mele Kyari, along with 13 other former senior executives of the NNPCL, who are under investigation for alleged misappropriation of funds.