The Economic and Financial Crimes Commission (EFCC) has detained several former managing directors and senior officials of Nigeria’s state-owned refineries, uncovering N80 billion in bank accounts linked to one sacked MD, as part of a probe into the alleged mismanagement of $2.96 billion allocated for refinery rehabilitation.
The investigation, reported by Punch, targets funds disbursed for the Port Harcourt, Warri, and Kaduna refineries, which have failed to deliver expected outputs despite massive investments.
Among those in custody are Ibrahim Onoja, former MD of the Port Harcourt Refining Company (PHRC), and Efifia Chu, former head of the Warri Refining and Petrochemical Company (WRPC).
The EFCC is probing $1.56 billion allocated to PHRC, $741 million to Kaduna, and $657 million to Warri, totaling $2.96 billion. Sources within the Nigerian National Petroleum Company Limited (NNPCL) revealed that N80 billion was traced to one dismissed MD’s accounts, with one official in custody for nearly a week.
“We are following the money. Nigerians want functional refineries,” an EFCC source told Punch.
The scandal has intensified public frustration, with many Nigerians on social media decrying systemic corruption. They described the NNPCL’s claims of operational refineries as “propaganda,” noting that Port Harcourt and Warri, which resumed operations in late 2024, have produced minimal output.
Energy experts criticised the NNPCL for misleading the public, with some contrasting the state refineries’ failures to the efficiency of the privately-owned Dangote Refinery. Calls for a comprehensive audit and accountability are growing louder.
The EFCC’s investigation highlights Nigeria’s struggle with refinery functionality, forcing reliance on fuel imports despite being Africa’s largest oil producer. The probe, which may lead to more arrests, underscores the need for transparency in managing national assets. The NNPCL has not commented, and EFCC spokesperson Dele Oyewale was unreachable as of press time.
As the nation grapples with 35% inflation and economic strain, the refinery fraud saga fuels demands for systemic reform to restore trust in Nigeria’s oil sector.
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