$3bn fraud: EFCC found N80bn in sacked NNPC refinery MD’s accounts, arrests 3 top officials

The Economic and Financial Crimes Commission (EFCC) has arrested the former managing directors and senior officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company over alleged financial mismanagement linked to the rehabilitation of the refineries.

The EFCC is investigating $2,956,872,622.36 allocated for refurbishment projects – $1,559,239,084.36 for the Port Harcourt facility, $740,669,600 for Kaduna, and $656,963,938 for Warri.

Sources within the Nigerian National Petroleum Company (NNPC) Limited disclosed that investigators traced N80 billion to accounts belonging to one of the dismissed MDs.

The MDs were recently dismissed by the NNPC Limited Group Chief Executive Officer, Bayo Ojulari.

A senior EFCC official, speaking anonymously, confirmed that the arrests are part of a probe into the massive funds allocated for the refineries’ quick rehabilitation.

“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. Some have been arrested already, and we are still on the lookout for others.

Ojulari sacks 3 NNPC refinery MDs

“Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?” the official told Punch.

Another EFCC source disclosed that one of the former MDs had been in custody for nearly a week, with approximately N80 billion uncovered in his accounts.

“Large amounts have been discovered in his accounts. About N80 billion has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate,” the source said.

Documents obtained show the EFCC’s investigation extends to the immediate past Group Chief Executive Officer of NNPC Limited, Mele Kyari, and 13 other former top executives.

The commission’s letter requested certified records of salaries and benefits for these officials.

NNPC Limited spokesperson Olufemi Soneye has yet to comment on the allegations.

The Star