The Economic and Financial Crimes Commission (EFCC) has launched an in-depth investigation into at least 14 top officials of the Nigerian National Petroleum Company Limited (NNPCL).
The officials include former Group Chief Executive Officers Mele Kyari and Abubakar Yar’Adua, over allegations of misappropriation of funds and abuse of office.
In a letter dated April 28, 2025, addressed to the current Group Managing Director of NNPCL, the EFCC requested certified true copies of salaries and allowances for the individuals involved, including those who have retired.
The letter, titled “Investigation Activities Request for Information”, marks a significant development in the agency’s widening probe into financial misconduct within the national oil company.
“The Commission is investigating a case of Abuse of Office and Misappropriation of Funds in which the under-listed officials of your organisation featured,” the letter stated.
Among those named are Mele Kolo Kyari, Abubakar Lawal Yar’Adua, Ibrahim Onoja, Mustapha Magaji Sugungun, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Adeniyi Jelili, Kayode Olusegun Adetokunbo, Efiok Michael Akpan, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
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Refinery rehabilitation funds under scrutiny
According to report, the investigation centers on billions of naira allocated for the rehabilitation of Nigeria’s long-dormant refineries—Port Harcourt, Warri, and Kaduna.
While progress on the refurbishments has been slow, the financial trail has triggered red flags.
Confirming the probe, EFCC spokesperson Dele Oyewale told Channels TV, “There are ongoing investigations into the funds released for the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.” He, however, declined to provide further details.
Kyari’s removal and the NNPCL reshuffle
This investigation comes just weeks after President Bola Tinubu removed Mele Kyari as NNPCL boss in a major shake-up of the company’s leadership.
On April 2, Tinubu reconstituted the board, naming Engineer Bashir Ojulari as the new Group CEO and Ahmadu Kida as Non-Executive Chairman.
The restructuring also replaced all other board members appointed alongside Kyari in November 2023.
According to presidential spokesperson on Information Bayo Onanuga, the overhaul was part of efforts to boost efficiency, restore investor confidence, and accelerate the government’s oil sector reforms.
Tinubu invoked Section 59(2) of the Petroleum Industry Act, 2021, to justify the shake-up.
Government pushes for transparency with forensic audit
Barely three weeks later, Finance Minister Wale Edun announced plans to launch a forensic audit of NNPCL.
Speaking at the Nigerian Investor Forum during the IMF/World Bank Spring Meetings in Washington, DC, Edun said the leadership shake-up was only the beginning of broader reforms to ensure transparency in Nigeria’s oil sector.
The federal government hopes that these changes, including increased accountability, will help raise oil output to 2 million barrels per day by 2027 and attract up to $60 billion in investment by 2030.
Already, NNPCL reported $17 billion in new investments in 2023 alone.
With both the EFCC probe and forensic audit on the horizon, the coming months may prove pivotal for NNPCL’s future and the broader oil and gas sector.
