SATURDAY May 3, 2025 |
By thenewsdesk.ng
The Economic and Financial Crimes Commission, EFCC, has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation of the facilities. The total amount under investigation is $2,956,872,622.36.
Findings by Saturday PUNCH showed that the EFCC is probing the sum of $1,559,239,084.36 allocated to the Port Harcourt refinery, $740,669,600 released for the Kaduna refinery, and $656,963,938 approved for the Warri refinery.
The ex-Managing Director of Port Harcourt Refining Company Ltd is Mr Ibrahim Onoja, while Efifia Chu served as the ex-Managing Director of the Warri Refining and Petrochemical Company Ltd.
This came as impeccable top management sources at the Nigerian National Petroleum Company, NNPC, Limited revealed that N80bn was found in the account of one of the sacked MDs.
Also, operators and experts in the sector lambasted NNPCL for deceiving Nigerians regarding the operations of the refineries, particularly the Port Harcourt and Warri plants, following the poor output from the facilities since their resumption of operations in November and December 2024.
NNPCL manages the three refineries for Nigerians. The plants had remained dormant for decades, but the Port Harcourt and Warri refineries resumed operations in November and December 2024, respectively.
However, less than one month after the Warri refinery resumed operations, the plant was again shut down due to safety concerns.
The Port Harcourt refinery, on the other hand, has been operating below 40 per cent of its capacity since its widely celebrated revamp.
On Tuesday, the new NNPCL management 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; among them was Bala Wunti, a former chief of the National Petroleum Investment Management Services, a subsidiary of the NNPCL.
The new management also asked many officials with one year to their various retirement dates to leave.
On Friday, May 2, a senior EFCC source, who spoke with Saturday PUNCH on the condition of anonymity due to the lack of authorisation to speak on the matter, revealed that the arrests of the three ex-MDs and top officials were part of an ongoing investigation into the billions of dollars released for the quick-fix maintenance of the three state-owned refineries.
“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. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?” the official said.
The source added that the investigation was far-reaching, covering all key actors involved in the management of the refineries during the period in question.
The EFCC spokesman, Dele Oyewale, could not be reached as of the time of filing this report.
$3bn Refinery Fraud: EFCC Arrests Sacked MDs As N80bn Found In Sacked MD’s bank Accounts
