EFCC Investigates Sacked NNPC Officials Over $2.9 Billion Scandal

EFCC Investigates Sacked NNPC Officials Over $2.9 Billion Scandal

The Economic and Financial Crimes Commission (EFCC) has arrested several top officials of the Nigerian National Petroleum Company Limited (NNPCL), including the former Managing Directors of Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The arrests were made over allegations of mismanagement of funds meant for the rehabilitation of the refineries.

The EFCC is probing a staggering $2,956,872,622.36, which was allocated to the three refineries for rehabilitation purposes. The breakdown of the funds under investigation includes:

– $1,559,239,084.36 for the Port Harcourt refinery
– $740,669,600 for the Kaduna refinery
– $656,963,938 for the Warri refinery

In a surprising twist, sources revealed that a whopping N80 billion was discovered in the bank account of one of the sacked Managing Directors. This discovery has raised questions about the financial dealings of the NNPC and its officials.

Operators and experts in the oil and gas sector have criticized the NNPC for misleading Nigerians about the operations of the refineries. The poor output from the facilities since their resumption of operations in November and December 2024 has been a major concern.

The EFCC’s investigation into the alleged mismanagement of funds by NNPC officials is a significant step towards transparency and accountability in the oil and gas sector. As the investigation unfolds, Nigerians eagerly await the outcome and hope that those responsible will be held accountable.