EFCC Launches Major Probe into $2.9 Billion Refinery Fund Scandal
In a significant development, Nigeria’s Economic and Financial Crimes Commission (EFCC) has initiated an investigation into a staggering $2.9 billion refinery fund scandal. The probe has revealed over ₦80 billion connected to the recently dismissed Managing Director of a prominent refinery.
This investigation is part of a broader crackdown on corruption, addressing issues such as inflated contracts, embezzlement, and money laundering linked to government-owned refineries. Several high-ranking executives from the Nigerian National Petroleum Corporation Limited (NNPCL), including former Group Chief Executive Officer Mele Kyari, are currently under scrutiny.
An EFCC official stated, “We are looking into the funds allocated for the rehabilitation of all three refineries—principally disbursed for operations that have raised concerns.” Some individuals have already been arrested, with the agency actively searching for additional suspects. “Nigerians want to see our refineries operational again. We are asking: where is the money, and what happened to the refineries?” the official added.
Unfortunately, Nigeria’s state-controlled refineries remain non-functional, despite large financial investments totaling over ₦11.3 trillion since 2010, without one refinery operating at full capacity. The Port Harcourt and Warri refineries have faced multiple shutdowns, with the latter closing shortly after a brief reopening due to safety issues.
The EFCC’s investigation follows the allocation of substantial funds during Kyari’s leadership aimed at enhancing local refining capabilities. Allegations of mismanagement surrounding these funds have raised alarm. In addition, the agency has requested detailed documentation on emoluments of past officials as it continues its extensive investigation. Meanwhile, the Nigerian Senate has established an inquiry panel to conduct a thorough forensic audit of all refinery expenditures, reflecting the urgent need for accountability in Nigeria’s oil sector.
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