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$2.96 Billion Scandal: EFCC Unleashes Bombshell Evidence Against NNPC
The Economic and Financial Crimes Commission (EFCC) has ramped up its investigation into alleged financial mismanagement within the Nigerian National Petroleum Company Limited (NNPCL), focusing specifically on the $2.96 billion allocated for the rehabilitation of Nigeria’s non-functional refineries.....KINDLY READ THE FULL STORY HERE▶
Several arrests have already been made, and former Managing Directors of the Port Harcourt, Warri, and Kaduna refineries are reportedly under scrutiny.
According to a high-ranking EFCC source who spoke to Vanguard, investigators have traced large sums of money to private accounts allegedly linked to former NNPCL officials.
“The investigation is progressing swiftly and covers a broad spectrum,” the source disclosed. “We’ve uncovered strong evidence pointing to major misappropriation of funds, with significant amounts traced directly to the personal accounts of some ex-officials.”
The probe zeroes in on $1.56 billion allocated to the Port Harcourt Refinery, $740 million for the Kaduna Refinery, and $657 million for the Warri Refinery.
The EFCC is said to be working in close coordination with NNPCL, gathering financial documents and interviewing key witnesses, as the agency maps the flow of funds and prepares for further arrests.
“This is a thorough and determined investigation—not just a symbolic effort. It’s aimed at uprooting entrenched corruption and restoring investor confidence in Nigeria’s oil sector,” the source added.
While speculation mounts over whether former NNPCL Group CEO Mele Kyari has been invited for questioning, his appearance before the commission had not been confirmed at the time of reporting.
Reactions from industry stakeholders have been mixed. Professor Wumi Iledare, a Petroleum Economics expert and Executive Director of the Emmanuel Egbogah Foundation, cautioned against premature conclusions but emphasized the persistent inefficiencies plaguing Nigeria’s refineries.
“The massive spending since 2021 to revive these facilities underscores the damaging effects of transactional leadership,” Iledare said, adding that real progress in the oil and gas sector requires transformational leadership rooted in national interest.
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