An investigation by the Saturday Punch has uncovered alleged mismanagement of nearly $3 billion allocated for the rehabilitation of the country’s three major refineries.
According to Punch‘s investigative report published today, the Economic and Financial Crimes Commission (EFCC) has arrested the recently dismissed managing directors of the Port Harcourt, Warri, and Kaduna refineries over allegations of massive fraud tied to the refinery rehabilitation projects.
Punch‘s investigation revealed that approximately N80 billion has been discovered in various bank accounts belonging to one of the sacked managing directors, according to sources within the Nigerian National Petroleum Company Limited (NNPCL) who spoke to the newspaper on condition of anonymity.
“Large amounts have been discovered in his accounts. About N80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate,” a NNPCL official reportedly told Punch.
The newspaper said it obtained documents showing that the EFCC’s investigation has widened to include 14 former senior NNPCL executives, including Mele Kyari, the immediate past Group Chief Executive Officer of the national oil company.
According to a document dated April 28, 2025, cited by Punch, the EFCC is investigating “abuse of office and misappropriation of funds” totalling $2,956,872,622.36. The investigation specifically covers:
- $1,559,239,084.36 allocated to Port Harcourt refinery
- $740,669,600 released for Kaduna refinery
- $656,963,938 approved for Warri refinery
Punch‘s investigative team found that despite widely publicised commissioning ceremonies, the rehabilitated refineries have consistently underperformed or remained non-operational. According to the newspaper’s findings, the Warri refinery was shut down on January 25, 2025, just weeks after its December 2024 reopening, due to safety concerns.
The Port Harcourt refinery, which consumed $1.5 billion in rehabilitation costs, has reportedly been operating at less than 40% capacity since November 2024, contradicting NNPCL’s public claims of 70% operational capacity.
Punch‘s report included insights from energy experts who have condemned what they describe as deceptive practices regarding the refinery operations.
Energy expert Kelvin Emmanuel told Punch that the televised commissioning events were “a charade,” stating: “For months, I had said that Warri, Port Harcourt, and Kaduna were never going to come back into operation and that what Nigerians saw on television as the commissioning was just a charade.”
Another expert, Dan Kunle, questioned the government’s decision not to engage the original Japanese builders for the rehabilitation work, telling Punch: “Why did we avoid Japan? Why did we go around when a sovereign authority like Nigeria could not convince Japan to come and fix the refinery?”
The Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed concern over the non-production of petrol at the Warri refinery. Harry Okenini, Delta State IPMAN Chairman, told Punch reporters: “For the past months, there has been no product for marketers here, and we cannot just stay idle, so we decided to source products from the private depots.”
According to Punch, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has called for a thorough investigation into the condition of the refineries.
Punch also reported that support staff at the Warri refinery have announced an indefinite strike beginning Monday, May 5, 2025, which threatens plans to restart sections of the facility. Workers are reportedly protesting against casualisation, low pay, and unfulfilled promises regarding improved salary structures.
The investigation by Punch newspaper has once again brought to light serious questions about the management of Nigeria’s oil infrastructure and the accountability of those entrusted with billions of dollars in public funds intended to revitalise the nation’s refining capacity.
This story is based on an investigative report published by Saturday Punch on May 3, 2025.
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