By Parrot Newspaper $3bn Refinery Fraud: N80bn Traced to Sacked MD’s Accounts
By Ricky Awodi
3rd May 2025
Lagos, Nigeria — In a sweeping crackdown, the Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked Managing Directors of Nigeria’s three major refineries—Port Harcourt, Warri, and Kaduna—alongside 13 senior ex-officials of the Nigerian National Petroleum Company Limited (NNPCL). The arrests follow explosive revelations of a $2.96 billion fraud linked to mismanaged funds meant for refinery rehabilitation.
The Breakdown: Where Did the Money Go?
Port Harcourt Refinery: $1.56 billion allocated, yet operations stalled below 40% capacity.
Kaduna Refinery: $740 million released, but no tangible progress reported.
Warri Refinery: $657 million approved, only for the plant to shut down weeks after a December 2024 “revival” due to safety failures.
Investigators uncovered N80 billion in the bank accounts of one sacked MD, raising questions about systemic corruption in Nigeria’s oil sector.
NNPCL Under Fire
Industry experts and operators slammed NNPCL for “deceiving Nigerians” with premature celebrations of refinery revamps. Despite fanfare in late 2024, the Warri plant closed within a month, while Port Harcourt struggles at half-capacity.
“This isn’t just fraud—it’s a betrayal of public trust,” an EFCC source told Parrot Newspaper. “Funds vanished while refineries remained dysfunctional.”
Who’s in Custody?
Ibrahim Onoja: Ex-MD, Port Harcourt Refinery.
Efifia Chu: Former Warri Refinery boss.
13 NNPCL officials, including ex-Group CEO Mele Kyari, now facing probes.
Nigerians React: “Enough is Enough”
Public outrage mounts as citizens demand accountability. “Billions spent, yet fuel queues persist,” tweeted @NaijaConcerned. “When will this looting end?”
The EFCC vows to expand its probe, signaling more arrests ahead.
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