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BREAKING: EFCC Arrests Former Refinery MDs, Discovers N80bn in Single Account Amid $2.9bn Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked Managing Directors and several top officials of the Port Harcourt, Warri, and Kaduna refineries over alleged mismanagement of multibillion-dollar funds earmarked for refinery rehabilitation projects.
The anti-graft agency uncovered a staggering N80 billion in the personal account of one of the dismissed managing directors, in what appears to be one of the most high-profile corruption investigations in Nigeria’s oil sector in recent years.
According to exclusive findings by The PUNCH, the total sum under probe by the EFCC amounts to \$2.9 billion, comprising allocations made for the refurbishment of the country's three state-owned refineries:
* $1.5 billion for the Port Harcourt Refinery,
* $740 million for the Kaduna Refinery, and
* $656 million for the Warri Refinery.
Others who were arrested are:
* Mr. Ibrahim Onoja, former Managing Director of the Port Harcourt Refining Company Ltd,
* Mr. Efifia Chu, former Managing Director of the Warri Refining and Petrochemical Company Ltd, alongside other senior personnel who served during the disbursement and implementation phases of the refinery rehabilitation projects.
A top EFCC source who spoke on condition of anonymity confirmed that the arrests are part of a sweeping investigation into how the allocated funds were spent—or misappropriated.
“We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited,” the source said. “Some have already been arrested, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: Where is the money? What has happened to the refineries?”
In a related development, a classified document obtained by The PUNCH from the Nigerian National Petroleum Company Limited (NNPCL), dated April 28, 2025, and titled “Investigation Activities: Request for Information”, confirmed that the probe also extends to the immediate past Group Chief Executive Officer of NNPCL, Mele Kyari, and 14 other former top executives of the national oil firm.
The document, currently in the hands of EFCC investigators, lists multiple instances of alleged misappropriation and abuse of office during the implementation of the refinery rehabilitation projects—projects that have so far yielded minimal results despite the massive public investments.
The EFCC is expected to provide further updates on the status of the investigation in the coming days.