EFCC Arrests Sacked Refinery Chiefs Over $2.9 Billion Rehabilitation Funds Scandal
EFCC arrests former managing directors and top officials of Nigeria's Port Harcourt, Warri, and Kaduna refineries over alleged mismanagement of $2.9 billion rehabilitation funds. Investigations are ongoing
In a major crackdown, the Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked managing directors and top executives of Nigeria’s key refineries over alleged mismanagement of nearly $3 billion allocated for refinery rehabilitation projects.
The affected officials include former Managing Directors of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
Massive Funds Under Investigation
According to findings by Saturday PUNCH, the EFCC is probing a staggering total of $2,956,872,622.36. Specifically, investigations are focused on:
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$1,559,239,084.36 allocated to Port Harcourt Refinery
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$740,669,600 allocated to Kaduna Refinery
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$656,963,938 earmarked for Warri Refinery
Arrested Officials Identified
Among those reportedly taken into custody are:
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Mr. Ibrahim Onoja, former Managing Director of Port Harcourt Refining Company Ltd
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Mr. Efifia Chu, former Managing Director of Warri Refining and Petrochemical Company Ltd
Sources within the Nigerian National Petroleum Company Limited (NNPCL) confirmed that the arrests stem from ongoing efforts to uncover deep-rooted financial irregularities and misappropriation tied to Nigeria’s long-stalled refinery rehabilitation projects.
National Concern Over Dormant Refineries
The state of Nigeria’s refineries has long been a national concern. Despite billions of dollars spent on supposed repairs, the facilities have failed to deliver results, continuing to operate far below capacity — or not at all.
The EFCC’s move signals a new phase of accountability in the oil sector. Nigerians are watching closely to see if this marks a genuine commitment to fight corruption or if it will fizzle like past efforts.
Stay tuned to GistTrend.com for more updates on this developing story.
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