The former Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has appeared before the Economic and Financial Crimes Commission (EFCC) as part of an ongoing investigation into alleged financial improprieties within the state oil company.
A source with direct knowledge of the situation, who requested anonymity as they were not authorized to speak publicly, confirmed that Kyari honored the EFCC’s invitation and was at the Commission’s headquarters as of Wednesday. The development underscores the widening scope of investigations into alleged corruption, mismanagement, and fraud involving top officials of NNPCL.
EFCC Probe and Court Order
The EFCC’s intensified scrutiny follows a recent order from the Federal High Court in Abuja to temporarily freeze four Jaiz Bank accounts linked to Kyari. Justice Emeka Nwite issued the order after EFCC counsel, Ogechi Ujam, filed an ex-parte motion citing the need to protect funds under suspicion while investigations continue.
- Ujam told the court that the Commission was still conducting inquiries and required additional time to conclude its findings.
- The EFCC had earlier confirmed that several former top executives of NNPCL, including the former Chief Financial Officer, Umar Isa, are under probe over an alleged $7.2 billion fraud tied to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
- Other former officials, including Jimoh Olasunkanmi, the former Managing Director of Warri Refinery, have also been questioned by investigators.
A source explained that the current phase of the investigation is focused on “alleged abuse of office, corruption, diversion of funds, and kickbacks from contractors” in relation to key NNPCL projects.
“The arrest of some ex-NNPCL officials is true. We are still investigating, and there is no point preempting what the EFCC will do after the investigation,” the source said, adding that “the Commission is still at the investigation stage, and there may be no need to arraign some of the ex-NNPCL officials depending on the outcome of the findings.”
Senate Committee Concerns
This probe comes amid heightened scrutiny from the National Assembly. Recently, the Senate Committee on Public Accounts, chaired by Aliyu Wadada, expressed alarm over discrepancies amounting to trillions of naira uncovered in NNPCL’s audited financial statements spanning 2017 to 2023.
The Committee described the discoveries as “mind-boggling and worrisome,” stressing that the irregularities revealed systemic lapses in accountability and transparency. Lawmakers subsequently issued 11 queries to NNPCL’s finance department, demanding detailed responses within one week. The findings of this review are expected to guide both legislative oversight and ongoing EFCC investigations.
Broader Context and Presidential Action
The controversy comes only months after President Bola Tinubu announced sweeping changes to NNPCL’s leadership structure. In a decisive move, Tinubu dissolved the board of the oil giant, removing its chairman, Chief Pius Akinyelure, and GMD Mele Kyari, alongside all other board members appointed in November 2023.
According to the Presidency, the decision was taken in line with Section 59(2) of the Petroleum Industry Act, 2021. Tinubu emphasized that the restructuring was necessary to “enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.”
In addition, the President handed the newly reconstituted board an immediate mandate to conduct a strategic portfolio review of all NNPCL-operated and joint venture assets to ensure alignment with the government’s value-maximization objectives.
Implications
The ongoing investigation into Kyari and other top NNPCL executives has significant implications for Nigeria’s oil and gas sector, which remains the backbone of the country’s economy. Allegations of fraud linked to multi-billion-dollar refinery rehabilitation projects raise concerns about Nigeria’s ability to achieve energy security, attract foreign investment, and reduce dependence on imported refined petroleum products.
The EFCC is expected to continue its inquiries in the coming weeks, with the possibility of further court orders, asset freezes, or arraignments depending on the outcome of the investigations. For now, the spotlight remains firmly on Kyari and other former NNPCL officials, as Nigerians await answers regarding the alleged mismanagement of the nation’s most critical economic resource.
