The Economic and Financial Crimes Commission (EFCC) has launched a major investigation into alleged financial mismanagement and abuse of office involving 14 senior officials of the Nigerian National Petroleum Company Limited (NNPCL), including two former chief executives, Mele Kyari and Abubakar Yar’Adua.
The probe, confirmed by the EFCC on Friday, is centered around the controversial $2.896 billion allocated for the rehabilitation of Nigeria’s three major refineries: the Port Harcourt Refinery ($1.56 billion), Kaduna Refinery ($740.6 million), and Warri Refinery ($656.9 million).
$80 Billion Discovery Triggers Arrests
Among the startling discoveries is a reported N80 billion found in the personal account of one of the sacked managing directors, leading to the arrest of recently dismissed executives from all three refineries. The situation has further intensified public scrutiny of NNPCL’s financial operations and governance.
In an official letter dated April 28, 2025, with reference number CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698, the EFCC requested certified true copies of the emoluments and allowances of the implicated officials, both past and present, from NNPCL’s management.
High-Profile Names Under Investigation
The list of those under investigation includes former Group Chief Executive Officer, Mele Kyari; Abubakar Lawal Yar’Adua; Ibrahim Onoja; Mustapha Magaji Sugungun; Isiaka Abdulrazak; Umar Ajiya; Dikko Ahmed; Ademoye Adeniyi Jelili; Kayode Olusegun Adetokunbo; Efiok Michael Akpan; Jimoh Olasunkanmi; Bello Kankaya; and Desmond Inyama.
Board Reshuffle and Forensic Audit Ordered
The investigation comes on the heels of a major shakeup at NNPCL. On April 2, 2025, President Bola Tinubu approved the dissolution of the company’s board, removing Chairman Chief Pius Akinyelure, GCEO Mele Kyari, and other board members appointed in November 2023.
In their place, Tinubu appointed a new 11-member board, naming Engineer Bashir Ojulari as the new Group CEO and Ahmadu Kida as Non-Executive Chairman. The move, executed under Section 59 (2) of the Petroleum Industry Act, 2021, is part of ongoing reforms aimed at improving operational efficiency, restoring investor confidence, and enhancing the country’s oil and gas sector transparency.
Further cementing the government’s anti-corruption stance, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced a comprehensive forensic audit of NNPCL during the Nigerian Investor Forum at the IMF/World Bank Spring Meetings in Washington DC.
Oil Sector Reform Targets $60 Billion Investment by 2030
Since assuming office, the Tinubu administration has intensified reforms within Nigeria’s oil and gas sector, reporting $17 billion in new investments in 2023. The government aims to increase this figure to $30 billion by 2027 and $60 billion by 2030, alongside plans to raise crude oil production to three million barrels per day within the same timeframe.
Ongoing EFCC Investigations Confirmed
EFCC spokesperson Dele Oyewale confirmed to Channels Television that the anti-graft agency is actively investigating the management of funds allocated for the rehabilitation of the country’s major refineries. However, specific details of the investigation remain undisclosed at this time.
Public Reaction and Industry Concerns
The revelations have sparked widespread concern over financial accountability within NNPCL, with industry stakeholders calling for transparent investigations and urgent reforms to restore public trust in Nigeria’s vital oil and gas sector.
