Mele Kyari Opens Up as N80 Billion is Allegedly Found in Ex-Refinery MD’s Bank Accounts

• The Economic and Financial Crimes Commission has reportedly arrested the sacked managing directors of Nigeria’s refineries
• The top officials were arrested over the purported mishandling of rehabilitation funds meant for the refineries
• However, the former NNPC Group Managing Director, Mele Kyari, has debunked reports of an arrest by the NNPC

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Economic and Financial Crimes Commission has allegedly arrested the sacked managing directors and some officials of the Port Harcourt, Warri and Kaduna refineries.

The officials were arrested over the alleged misappropriation of rehabilitation funds meant for the three plants.

EFCC allegedly investigates N3bn refinery funds

According to reports, almost $3 billion is under investigation by the anti-graft agency.

The investigation allegedly showed that the EFCC is probing $1.559 billion allocated to the Port Harcourt refinery, $740,669 million released for the Kaduna refinery, and $656,963 million for the Warri Refinery.

The Punch reports that Ibrahim Onoja served as the former MD of the Port Harcourt refinery, while Efifia was the MD of the Warri plant.

N80 billion reportedly found in an MD’s account

The report quoted top management sources at the Nigerian National Petroleum Company Limited (NNPC) as saying that about N80 billion was seen in accounts belonging to one of the sacked MDs.

Additionally, operators and experts berated the state oil firm for deceiving Nigerians regarding the refineries’ operations, especially the Port Harcourt and Warri facilities, due to the poor production of petroleum products from the plants since they resumed operations in November and December last year.

The national oil company operates the three refineries. However, they have remained moribund for decades, but the Port Harcourt and Warri refineries began operations less than eight months ago.

Nigerians decry poor refineries’ operations

After operating for just under one month, the Warri refinery shut down over safety issues.

Meanwhile, the Port Harcourt refinery is reportedly operating below 40% capacity since it resumed operations in November last year.

Changes at NNPC

On Wednesday, April 2, 2025, President Tinubu removed Mele Kyari from his position and dissolved the entire board of the Nigerian National Petroleum Corporation (NNPC).

Bashir Ojulari was appointed as the new Group CEO, with Ahmadu Kida named the non-executive chairman.

According to presidential spokesperson Bayo Onanuga, the restructuring was aimed at improving the company’s operations, attracting investors, increasing local involvement, boosting the economy, and enhancing gas production and usage.

Following Kyari's dismissal, President Tinubu also appointed a new 11-member board, comprising both executive and non-executive directors.

Ojulari, upon taking office, introduced a new team of eight senior management members to help steer the company in a fresh direction.

In addition, the new management team dismissed the managing directors of the three NNPC refineries and other key personnel, including Bala Wunti, the former head of the National Petroleum Investment Management Service (NAPIMS), a division of the oil company.

Kyari denies EFCC arrest

Meanwhile, the former NNPC Group Managing Director, Mele Kyari, has debunked reports of an arrest by the EFCC.

In a statement on his X handle, Kyari said he was never arrested by the EFCC, calling the report a mischief and falsehood.

He said he is on leave after the NNPCL’s board dissolution.

He said:

“The story is a clear case of mischief and calculated falsehood. I am currently taking a well-deserved rest after the dissolution of the NNPCL board and management.”

According to the former NNPC boss, he was appreciative of former President Muhammadu Buhari and President Bola Tinubu for the opportunity to serve in the company’s top position as its GCEO.

Nigerians knock NNPC for Warri refinery repair failure

Legit.ng earlier reported that Petroleum industry operators and experts have criticised the NNPC regarding the purported overhaul of Nigerian refineries.

The development comes after it emerged that the Warri Refinery has remained inoperable after it shut down for maintenance on January 25, 2025, due to safety issues in its Crude Distillation Unit Main Heater.

In April 2025, a document by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that the Warri Refinery gulped $879.6 million in maintenance costs and had failed to produce petrol and was shut down less than one month after the erstwhile NNPC GCEO, Mele Kyari, declared it functional.

The article was updated with additional information by the head of the business desk, Victor Enengedi.

Source: Legit.ng