Key Points

• EFCC probes NNPC executives over refinery funds.

• Over $2.9 billion spent during their tenure.

• Officials must submit full salary and allowance records.

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into alleged abuse of office and financial mismanagement by former executives of the Nigerian National Petroleum Company Limited (NNPC Ltd).

This includes former Group Chief Executive Officers Mele Kyari and Abubakar Yar’Adua.

In a letter dated April 28 and addressed to NNPC’s current Managing Director, the EFCC demanded certified records of salaries and allowances for 14 current and former staff.

The anti-graft agency cited an ongoing case involving potential abuse of office and misappropriation of funds as the basis for the request.

Among those listed are former executives from the Port Harcourt, Kaduna, and Warri refining companies, including Ibrahim Onoja and Mustafa Sugungun.

The EFCC is especially interested in examining their financial records during their time overseeing key refinery rehabilitation projects.

Over $2.9 billion spent on refinery projects under scrutiny

The investigation specifically targets the controversial $2.896 billion spent on refinery rehabilitation under their watch.

According to project allocations, $1.56 billion went to the Port Harcourt refinery, $740.6 million to Kaduna, and $656.9 million to Warri.

Many of the implicated officials were recently removed from their roles in a major organizational shake-up.

The EFCC aims to determine whether the funds were used appropriately or misdirected for personal gain.

Officials named in the probe include top financial and engineering personnel at the NNPC and its subsidiaries.

Some of them have already retired, yet their financial dealings during their tenure remain part of the probe.

EFCC probes NNPC executives amid broader audit efforts

EFCC spokesperson Dele Oyewale confirmed the probe is ongoing, although he did not provide additional details.

Meanwhile, the Nigerian government has already launched a forensic audit of NNPC Ltd, as confirmed by Finance Minister Wale Edun during a global investors’ forum.

President Bola Tinubu recently dissolved the NNPC board, replacing Kyari with Bayo Ojulari as the new GCEO.

He also appointed Ahmadu Kida as the non-executive chairman, along with a new eight-member senior management team.

The broader reforms and this EFCC probe both reflect growing pressure on Nigeria’s oil sector to clean up and account for every dollar, especially in the face of global economic headwinds.