Abuja – Nigeria’s anti-graft agency has launched a probe of NNPCL officials, investigating alleged misuse of funds and abuse of office. The Economic and Financial Crimes Commission (EFCC) is scrutinizing at least fourteen current and former staff of the Nigerian National Petroleum Company Limited (NNPCL), including past chief executives Mele Kyari and Abubakar Yar’Adua.
Confirmation came via a letter dated April 28, 2025, requesting certified pay records for those under investigation. The EFCC indicated this action is part of a wider look into financial dealings within the state-owned oil giant.
Billions for Refineries Central to EFCC Probe of NNPCL Officials
At the heart of the investigation lies nearly $2.9 billion earmarked for fixing three key refineries: Port Harcourt, Kaduna, and Warri. Suspicions escalated dramatically when authorities reportedly discovered roughly N80 billion stashed in the personal account of a recently sacked refinery head. This finding reportedly triggered the arrest of the former bosses of all three refineries. These developments cast a serious shadow over the financial management practices under past NNPCL leadership, intensifying the EFCC probe of NNPCL officials.
Probe Follows Major NNPCL Overhaul
While EFCC spokesperson Dele Oyewale confirmed the investigation, he offered no further specifics. This probe trails President Bola Tinubu’s sweeping changes to the NNPCL board on April 2, 2025. That move saw the exit of Chairman Chief Pius Akinyelure, Group CEO Mele Kyari, and other board members.
A fresh 11-man board, headed by Group CEO Engineer Bashir Ojulari, took charge. President Tinubu tasked them with a strategic review of assets, using powers under the Petroleum Industry Act 2021, aiming to boost efficiency and investor trust. Reinforcing this push, Finance Minister Wale Edun announced a forensic audit of NNPCL just weeks after the board reshuffle. The EFCC probe of NNPCL officials seems tightly connected to this wider drive for transparency and reform in Nigeria’s vital oil sector.
By Abiodun Labi
