The Economic and Financial Crimes Commission (EFCC) has commenced a wide-ranging investigation into the alleged mismanagement of $2.96 billion allocated for the rehabilitation of Nigeria’s refineries. The investigation is focused on former senior officials of the Nigerian National Petroleum Company Limited (NNPCL) and recently dismissed managing directors of the Port Harcourt, Warri, and Kaduna refineries.

According to a source within the EFCC who spoke anonymously, the funds were intended for short-term maintenance aimed at reviving the long-dormant refineries. However, early findings suggest a significant portion of the money may have been diverted for personal use.

So far, two former managing directors—Ibrahim Onoja of the Port Harcourt Refining Company and Efifia Chu of the Warri Refining and Petrochemical Company—have been arrested. One of them is reported to have remained in custody for over a week after large, suspicious deposits were discovered in his personal bank accounts.

The EFCC is closely examining how the $2.96 billion was distributed, with particular attention on the individual allocations: $1.56 billion for the Port Harcourt refinery, $740 million for Kaduna, and $657 million for Warri. To support the ongoing probe, the commission has officially requested detailed financial records from NNPCL, including information on salaries, benefits, and other related expenses.

The scale of the alleged fraud has raised widespread concern across the country. Some commentators have compared the unfolding situation to the “Emefielegate” scandal, warning that it could prove to be even more damaging in terms of both financial loss and public trust.

This latest development adds to the long history of Nigeria’s refinery woes. Despite several rounds of heavy government spending, the refineries remain largely non-functional, forcing the country to rely on fuel imports and raising questions about transparency and oversight in the oil sector.

As of the time this report was filed, EFCC spokesperson Dele Oyewale had not responded to requests for comment.