N80bn Discovered In Sacked Refinery MD’s Accounts Amid $2.96bn Probe
Ex-NNPCL GCEO Kyari, others face EFCC probe
 
SATURDAY'S PUNCH MAY 3 2025

 

The Economic and Financial Crimes Commission (EFCC) has uncovered a staggering N80 billion in multiple bank accounts belonging to one of the recently sacked managing directors of the Nigerian National Petroleum Corporation Limited (NNPCL) refineries.

The discovery was part of an ongoing investigation into the alleged misappropriation of $2.96 billion for refinery rehabilitation.

LEADERSHIP recalls that the anti-graft agency arrested former managing directors and senior officials of the three major state-owned refineries, including Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC).

Recall the NNPCL management had also fired the managing directors of the three refineries under its purview.
Some other senior officials of the national oil firm were also asked to leave, including a former chief of the National Petroleum Investment Management Services, a subsidiary of the NNPCL, Bala Wunti.

The new management also asked many officials with one year to their various retirement dates to leave.
The EFCC is now probing the disbursement and usage of $1,559,239,084.36 for the Port Harcourt refinery, $740,669,600 for the Kaduna refinery, and $656,963,938 for the Warri refinery, a total of $2,956,872,622.36.
Among those in EFCC custody were former Managing Director of PHRC, Ibrahim Onoja and his counterpart at WRPC, Efifia Chu.