EFCC Probes Ex-NNPLC GMD, Kyari, Others Over Alleged Mismanagement Of Funds
….Kyari denies arrest by EFCC
…says He Served With Fear Of God
No fewer than 14 officials of the Nigerian National Petroleum Company Limited (NNPCL), including two former chief executives, Mele Kyari and Abubakar Yar’Adua, are currently under investigation by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of funds and abuse of office, a letter addressed to the NNPCL has shown.
The investigation centers around the $2.896 billion allocated for refinery rehabilitation projects under their tenure, Port Harcourt Refinery: $1.56 billion, Kaduna Refinery $740.6 million and Warri Refinery $656.9 million.
Some of the key findings include discovery of a large sum of money in the accounts of one of the sacked managing directors, totalling about N80 billion, sparking further investigation and leading to the arrest of the recently sacked managing directors of all three refineries.
The investigation has raised concerns about the management of NNPCL and the refineries, with some experts questioning the transparency and effectiveness of the company’s operations.
In a letter dated April 28, 2025, addressed to the Group Managing Director of the firm, NNPCL, the EFCC requested a certified true copy of the emoluments and allowances of the affected persons, both former and current employees.
The letter, titled “Investigation Activities Request for Information,” with reference number CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698, read in part, “The Commission is investigating a case of Abuse of Office and Misappropriation of Funds in which the under-listed officials of your organisation featured.
“In view of the above, you are kindly requested to furnish certified true copies of their emoluments and allowances, including that of those who have retired and no longer work with your organisation.
The affected persons listed by the EFCC include a former Group Chief Executive Officer, Mele Kolo Kyari; Ibrahim Onoja; Mustapha Magaji Sugungun; Abubakar Lawal Yar’Adua; Isiaka Abdulrazak; Umar Ajiya; Dikko Ahmed; and Ademoye Adeniyi Jelili.
Others are Kayode Olusegun Adetokunbo, Efiok Michael Akpan, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
EFCC Confirms Probe
The investigation is linked to the funds allocated for rehabilitating the Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
EFCC’s spokesperson, Dele Oyewale, confirmed to newsmen that a probe is ongoing.
He, however, did not disclose further details.
“There are ongoing investigations into the funds released for the rehabilitation of the Kaduna, Warri and Port Harcourt refineries,” Oyewale said in a terse statement sent to our correspondent.
Kyari’s Removal, NNPCL Forensic Audit
President Bola Tinubu approved the reconstitution of the NNPCL Limited board on April 2, removing the Chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mallam Mele Kyari.
In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Engineer Bashir Ojulari as the Group CEO and Ahmadu Kida as Non-Executive Chairman.
Adedapo Segun, who replaced Umaru Ajiya as the chief financial officer last November, was appointed to the new board by President Tinubu. Six board members, non-executive directors, represent the country’s geopolitical zones.
The President, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring was crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.
He also gave the new board an immediate action plan to conduct a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.
The Tinubu administration has since 2023 implemented oil sector reforms to attract investment.
Last year, the oil firm reported $17 billion in new investments within the sector.
The administration envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030 and aims to raise oil production to two million barrels daily by 2027 and three million daily by 2030.
Twenty-two days later, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that a forensic audit of the national oil company, Nigerian National Petroleum, would soon commence.
While speaking at the Nigerian Investor Forum, which held on the sidelines of the IMF/World Bank spring meetings in
Washington, DC, in April, the speaker explained that the recent rejigging of the management of the NNPCL was part of the cleansing the Federal Government had taken to audit the company.
EFCC Probe: Ex-NNPCL Boss Kyari Speaks, Says He Served With Fear Of God …Denies being in detention
Meanwhile, the immediate-past group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Engr. Mele Kyari, has reacted to his reported probe by the Economic and Financial Crimes Commission (EFCC).
Kyari while reacting, denied being in detention of EFCC, saying that he did not only serve Nigeria, he also served with the fear of God as well in his over 30 years of service at the NNPCL.
Taking to his X (formerly Twitter) handle on Saturday night, Kyari wrote: “I served not only my country but also God. I am happy to account for my stewardship.
“Over the past few days and in particular in the past 2 hours, I have been inundated with calls from concerned family and friends over claims by an online newspaper that I was in the custody of the Economic and Financial Crimes Commission, EFCC.
“This is clear mischief and a calculated attempt by the newspaper and its sponsors to achieve a desired outcome, which only them know.
“At present, I am taking a well-deserved rest after the dissolution of the management and board of the NNPCL, of which I was the Group Chief Executive.
“It should be stated that having served the NNPC and the NNPCL for 34 years, and 17 of those in management roles and especially the last 5 years and 9 months, I had little time for leave of even two weeks. So, I am thankful for the opportunity to serve under their Excellencies Presidents Muhammadu Buhari and Bola Ahmed Tinubu.
“I must emphasize that I served with the fear of God knowing fully well as a Muslim that if I do not account before man, I will account before Allah, and that I am better off accounting to the institutions of man. Therefore, having served in public capacity, I am willing and happy to account for my stewardship in this world.
“However, it is important to state that the resort to disinformation does not serve anyones purpose, the NNPCL or the country in General, as it has the potential to send the wrong signals to investors and the international community.
“It is in this regard that I urge the media to be circumspect and avoid being stampeded into misleading the public on unverified stories or matters that are subject of further validation by relevant organizations.”
