By Ayomide Otitoju
The Economic and Financial Crimes Commission (EFCC) has launched a sweeping investigation into at least 14 senior officials of the Nigerian National Petroleum Company Limited (NNPCL), including two former Group Chief Executive Officers, Mele Kyari and Abubakar Yar’Adua, over alleged misappropriation of funds and abuse of office.
A letter dated April 28, 2025, and addressed to the Group Chief Executive Officer of NNPCL revealed that the probe is focused on the $2.896 billion allocated for the rehabilitation of Nigeria’s three major refineries: Port Harcourt ($1.56 billion), Kaduna ($740.6 million), and Warri ($656.9 million).
According to the EFCC, preliminary findings unearthed approximately N80 billion in the account of a recently dismissed managing director, leading to further scrutiny and the arrest of sacked executives from all three refineries.
In the letter, titled “Investigation Activities Request for Information” (Ref: CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698), the anti-graft agency requested certified true copies of emoluments and allowances of the implicated officials—both serving and retired. The EFCC said the documents are crucial to an ongoing case involving abuse of office and financial misconduct.
The list of affected individuals includes: Mele Kyari, Ibrahim Onoja, Mustapha Magaji Sugungun, Abubakar Lawal Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Adeniyi Jelili, Kayode Olusegun Adetokunbo, Efiok Michael Akpan, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
EFCC spokesperson Dele Oyewale confirmed the development, stating, “There are ongoing investigations into the funds released for the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.”
The probe comes on the heels of a recent overhaul of the NNPCL board by President Bola Tinubu on April 2. The President removed Kyari and former board chairman Chief Pius Akinyelure, appointing new leadership including Adedapo Segun as Chief Financial Officer. The reconstitution was executed under Section 59(2) of the Petroleum Industry Act, 2021.
According to a presidential statement, the restructuring aims to improve operational efficiency, rebuild investor confidence, expand local content, and accelerate Nigeria’s gas commercialisation agenda.
As part of the reform agenda, Tinubu mandated the new board to undertake a strategic portfolio review of all NNPCL-operated and joint venture assets to maximise value and align with national economic goals. The administration targets $30 billion in investment by 2027 and $60 billion by 2030, with oil production targets set at two million barrels per day by 2027 and three million by 2030.
Further emphasizing the reform drive, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that a forensic audit of the NNPCL would soon commence. Speaking at the Nigerian Investor Forum during the IMF/World Bank Spring Meetings in Washington D.C., Edun said the probe aligns with the government’s broader efforts to clean up the nation’s oil sector.
