$3bn Refinery Scandal: EFCC Arrests Sacked MDs, N80bn Found in One’s Accounts

• EFCC arrests sacked MDs and top officials of Nigeria’s state-owned refineries over alleged $3bn fraud.

• N80bn was found in one of the sacked MD’s bank accounts, according to NNPCL sources.

• The investigation covers billions of dollars released for refinery rehabilitation.

The Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked managing directors and top officials of Nigeria’s state-owned refineries over alleged mismanagement of funds earmarked for rehabilitation.

The total amount under investigation is $2,956,872,622.36.

According to sources, the EFCC is probing the sum of $1,559,239,084.36 allocated to the Port Harcourt refinery, $740,669,600 released for the Kaduna refinery, and $656,963,938 approved for the Warri refinery.

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“We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited,” an EFCC source said.

NNPCL sources revealed that N80bn was found in one of the sacked MD’s bank accounts. “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,” the official stated.