The Economic and Financial Crimes Commission (EFCC) has arrested former managing directors and top officials of Nigeria’s three state-owned refineries over an alleged multibillion-dollar fraud involving the rehabilitation of the plants.
Those detained include former heads of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The EFCC is probing the alleged mismanagement of $2.95 billion earmarked for the revamp of the facilities.
A breakdown of the funds under investigation shows $1.56 billion allocated to the Port Harcourt refinery, $740 million to Kaduna refinery, and $657 million to the Warri plant.
Sources told this medium that N80 billion was discovered in the personal bank account of one of the sacked managing directors, a figure that has shocked anti-graft officials.
The former Managing Director of the Port Harcourt Refining Company has been identified as Mr. Ibrahim Onoja, while Efifia Chu served in the same capacity at Warri Refining and Petrochemical Company.
Industry insiders and energy analysts have also slammed the Nigerian National Petroleum Company Limited (NNPCL) for allegedly deceiving the public about the true state of the refineries, particularly Port Harcourt and Warri, both of which resumed operations in late 2024 but have delivered underwhelming results.
The Warri refinery, which restarted in December 2024, was reportedly shut down within a month over safety issues. Meanwhile, the Port Harcourt facility has been running at less than 40% of its capacity despite a high-profile relaunch.
On Tuesday, NNPCL's new management fired the managing directors of the three refineries, along with several senior executives. Notably, Bala Wunti, the former chief of the National Petroleum Investment Management Services (NAPIMS), was among those dismissed. The company also directed staff with less than a year to retirement to proceed on terminal leave.
An EFCC source confirmed that the arrests are part of a sweeping investigation into the management of billions of dollars released for the so-called quick-fix of Nigeria’s long-dormant refineries.
“We are following the money,” the official said. “Nigerians want functional refineries. We’re asking: where did the money go, and why are the refineries still not working?”
The probe continues, with more arrests expected.
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