The immediate past Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has honored an invitation from the Economic and Financial Crimes Commission (EFCC).
Sources within the anti-graft agency confirmed on Thursday that Kyari was at the Commission’s office as part of an ongoing investigation into alleged fraud at the national oil company.
This latest development follows a Federal High Court ruling in Abuja that temporarily froze four Jaiz Bank accounts linked to Kyari. Justice Emeka Nwite granted the EFCC’s request after its counsel, Ogechi Ujam, filed an ex-parte motion, arguing that the accounts needed to remain frozen while investigations progressed.
Ujam explained that the EFCC required additional time to complete its findings, stressing that the move was necessary to protect the integrity of the probe. The action underscores the growing legal pressure surrounding Kyari and other senior figures connected to NNPCL’s financial operations.
Refineries Fraud Allegations
Earlier reports had revealed that the EFCC is investigating Umar Isa, former Chief Financial Officer (CFO) of NNPCL, over an alleged $7.2 billion fraud tied to the rehabilitation of Kaduna, Warri, and Port Harcourt refineries. Other officials, including Jimoh Olasunkanmi, ex-Managing Director of Warri Refinery, have also been questioned by the Commission.
According to insiders, the focus of the probe is on possible abuse of office, diversion of funds, corruption, and alleged kickbacks from contractors engaged in refinery maintenance. EFCC sources confirmed that some ex-NNPCL officials have already been arrested, though the Commission emphasized that it remains in the investigation stage.
Senate Flags Financial Discrepancies
The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has separately raised concerns over trillions of naira in discrepancies found within NNPCL’s audited financial statements from 2017 to 2023. The committee described its findings as “mind-boggling and worrisome,” underscoring the scale of financial management challenges at the state-owned oil giant.
Lawmakers issued 11 audit queries to NNPCL’s finance team, demanding responses within one week. This parliamentary scrutiny complements the EFCC’s ongoing probe, creating parallel pressure points for the company and its former executives.
Impact of Leadership Restructuring
Kyari’s EFCC invitation comes months after President Bola Tinubu reshuffled NNPCL’s board, removing both the chairman, Chief Pius Akinyelure, and Group Chief Executive Officer, Mele Kyari.
The President invoked powers under Section 59(2) of the Petroleum Industry Act, 2021, stressing that the restructuring was aimed at restoring investor confidence, boosting local content, and advancing gas commercialization.
The new NNPCL board has been tasked with conducting a strategic portfolio review of the company’s operated and joint venture assets. This mandate highlights the administration’s intent to align the oil giant’s operations with broader national economic and energy diversification goals.
EFCC Probe Still Ongoing
EFCC insiders stressed that the Commission has not yet determined whether some ex-NNPCL officials will face formal arraignment. “We are still investigating, and there is no point preempting what the EFCC will do after the investigation,” one source said, suggesting that final outcomes may depend heavily on evidence gathered in the coming weeks.