The Economic and Financial Crimes Commission (EFCC) has arrested the sacked managing directors of the Port Harcourt, Warri, and Kaduna refineries over an alleged $3 billion fraud in Nigeria’s refinery rehabilitation projects.
The anti-graft agency is probing the mismanagement of $2.95 billion disbursed for the long-delayed revamp of the three state-owned refineries.
Early findings revealed N80 billion was discovered in the accounts of one former managing director.
Breakdown of Funds Under Probe:
$1.56 billion – Port Harcourt Refinery
$740.7 million – Kaduna Refinery
$656.9 million – Warri Refinery
Sources revealed that several top officials of the Nigerian National Petroleum Company Limited (NNPCL) have been sacked, including Bala Wunti, and others close to retirement have been asked to leave. The EFCC probe extends to former NNPCL GCEO Mele Kyari, with a formal request made for documents relating to 14 senior executives’ emoluments.
The arrests follow mounting criticism over poor performance despite the refineries being declared operational in late 2024. The Port Harcourt refinery has operated at under 40% capacity, while the Warri refinery shut down in January 2025, barely a month after its relaunch, due to safety failures.
A recent NMDPRA report revealed no petrol production from the Warri plant despite its $897.6 million maintenance cost. Similarly, journalists visiting the Port Harcourt site found no visible activity, contrary to NNPCL’s claim of 70% capacity operation.
President Tinubu had praised the relaunch of the refineries, but revelations now suggest deception, systemic corruption, and possible cover-ups at the highest levels of Nigeria’s oil sector.
The EFCC is continuing its probe, with more arrests expected. NNPCL has not issued any official response despite repeated inquiries.