EFCC Arrests Former Refinery MDs Over Alleged Mismanagement Of $2.9 Billion

The Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked managing directors and top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.

Naijaonpoint understands that the arrests were made due to the alleged mismanagement of funds allocated to rehabilitate the refineries, totalling $2,956,872,622.36.

According to Saturday Punch’s findings, the EFCC is investigating the misallocation of substantial sums, including $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.

The former Managing Director of the Port Harcourt Refining Company, Ibrahim Onoja, and Efifia Chu, the former MD of the Warri Refining and Petrochemical Company, are among those under investigation.

A senior EFCC source, speaking with Saturday Punch on the condition of anonymity, confirmed that the agency’s investigation is focused on the billions of dollars disbursed for the rehabilitation of these state-owned refineries.

The official revealed that several top officials have been arrested, while others are still being sought.

“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 source said.

The investigation covers all key actors involved in managing the refineries during the relevant period and is expected to be far-reaching.

Impeccable sources within the Nigerian National Petroleum Company Limited (NNPCL) disclosed that a former MD being investigated by the EFCC had over ₦80 billion found in his accounts.

The discovery has raised alarm among officials, with one source noting, “Large amounts have been discovered in his accounts. About ₦80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate.”

Another official stated, “All the three of them are being investigated by the EFCC. It is indeed sad!”