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The Economic and Financial Crimes Commission (EFCC) is intensifying its investigation into alleged financial mismanagement at the Nigerian National Petroleum Company Limited (NNPCL), focusing on approximately $2.96 billion allocated for refinery repairs.
Several high-ranking former officials, including former Managing Directors of the Port Harcourt, Warri, and Kaduna refineries, are under scrutiny, with multiple arrests already reported.
A source close to the investigation told Sunday Vanguard that the scope of the investigation is wide.
He said: “The investigation into alleged financial mismanagement at NNPCL is advancing rapidly and covers a wide scope. We have already uncovered compelling evidence of significant misappropriation of funds, including large sums traced to the personal accounts of former officials.”
The source further said:”A key focus of our probe is the $2.96 billion earmarked for refinery repairs. We are meticulously tracking the flow of these funds to establish how they were diverted.”
As of the time of filing this report, it remains unclear whether Mele Kyari, the immediate past Group Chief Executive Officer/Managing Director of NNPCL, has been arrested or has voluntarily presented himself for questioning.
The investigation is specifically examining funds allocated for the quick-fix maintenance of Nigeria’s refineries, which have long suffered from persistent operational challenges.
Preliminary findings indicate that $1.56 billion was allocated to the Port Harcourt Refinery, $740 million to the Kaduna Refinery, and $657 million to the Warri Refinery.
As the EFCC prepares for further arrests in the coming days, the agency is working closely with NNPCL to secure critical financial records and interview key witnesses.
“This is not a superficial inquiry. It is a determined effort to root out corruption and hold those responsible fully accountable. The stakes are high, as this investigation is vital to restoring integrity and public confidence in the oil sector,” the source stressed.









