EFCC allegedly uncovers N80bn in ex-refinery MD’s account

The Economic and Financial Crimes Commission (EFCC) has arrested several recently sacked managing directors and top officials of Nigeria’s key refineries over the alleged mismanagement of nearly $3 billion meant for rehabilitation projects.

Those arrested include former heads of the Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC), as investigations deepen into suspected corruption and diversion of funds.

According to findings by Saturday PUNCH, the EFCC is probing the disbursement and utilisation of $2,956,872,622.36 allocated for the refurbishment of the three facilities. The breakdown reveals $1,559,239,084.36 was allocated to the Port Harcourt refinery, $740,669,600 to the Kaduna refinery, and $656,963,938 to the Warri refinery.

Among those in EFCC custody are Mr. Ibrahim Onoja, former Managing Director of PHRC, and Mr. Efifia Chu, former MD of WRPC. The identity of the former KRPC MD has not yet been confirmed.

Sources within the Nigerian National Petroleum Company Limited (NNPCL) also disclosed that a staggering N80 billion was traced to a bank account belonging to a dismissed managing director, further intensifying concerns about massive financial irregularities.

Meanwhile, industry operators and energy analysts have condemned the NNPCL for what they described as a deliberate effort to mislead Nigerians about the state of operations at the refineries.

Despite reports that the Port Harcourt and Warri refineries resumed operations in November and December 2024 respectively, output has remained dismally low, raising questions about the effectiveness of the rehabilitation work.

Calls for transparency and accountability in the management of Nigeria’s oil assets have intensified, with stakeholders urging the government to publish full audit reports on the rehabilitation funds and prosecute anyone found culpable.

The EFCC is yet to issue an official statement, but sources indicate that more arrests and charges may follow as the probe continues.

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