N80bn Discovered In Sacked Refinery MD’s Accounts Amid $2.96bn Probe

The Economic and Financial Crimes Commission (EFCC) has uncovered a staggering N80 billion in multiple bank accounts belonging to one of the recently sacked managing directors of the Nigerian National Petroleum Corporation Limited (NNPCL) refineries.

The discovery was part of an ongoing investigation into the alleged misappropriation of $2.96 billion for refinery rehabilitation.

LEADERSHIP recalls that the anti-graft agency arrested former managing directors and senior officials of the three major state-owned refineries, including Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC).

Recall the NNPCL management had also fired the managing directors of the three refineries under its purview.

Some other senior officials of the national oil firm were also asked to leave, including a former chief of the National Petroleum Investment Management Services, a subsidiary of the NNPCL, Bala Wunti.

The new management also asked many officials with one year to their various retirement dates to leave.

The EFCC is now probing the disbursement and usage of $1,559,239,084.36 for the Port Harcourt refinery, $740,669,600 for the Kaduna refinery, and $656,963,938 for the Warri refinery, a total of $2,956,872,622.36.

Among those in EFCC custody were former Managing Director of PHRC, Ibrahim Onoja and his counterpart at WRPC, Efifia Chu.

A senior official at the EFCC, who pleaded anonymity due to the sensitivity of the matter, said on Saturday that arrests were part of a wider investigation into how billions of dollars were allegedly siphoned from the national coffers under the guise of quick-fix refinery maintenance.

“We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited,” the source revealed.

“Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?”

Another NNPCL insider disclosed that one of the sacked MDs had been with the EFCC for about a week.

“Large amounts have been discovered in his accounts. About N80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate.”

Further confirmation came from a different official who simply stated, “All the three of them are being investigated by the EFCC. It is indeed sad!”

Meanwhile, leaked official documents have revealed that the EFCC’s probe extended to the immediate-past Group Chief Executive Officer of the NNPCL, Mele Kyari.

In a letter dated April 28, 2025, and titled ‘Investigation Activities: Request for Information’, addressed to the current leadership of the NNPCL, the anti-graft commission named Kyari and 13 other senior executives in connection with alleged abuse of office and financial misappropriation.

The EFCC requested the NNPCL to furnish certified true copies of emoluments and allowances for the listed officials, including those already retired. Others under investigation include Abubakar Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.

“The commission is investigating a case of abuse of office and misappropriation of funds in which the underlisted officials of your organisation featured,” the document stated.

“In view of the above, you are kindly requested to furnish certified true copies of their emoluments and allowances, including that of those who have retired and no longer work with your organisation,” the anti-graft commission told the NNPCL boss.

The NNPCL’s spokesperson, Olufemi Soneye, has not reacted at the time of filing this report.