BUSINESS

NNPC IN HOT SEAT: LAWYERS DEMAND PROBE INTO $2 BILLION REFINERY SCANDAL
A powerful coalition of legal professionals and activists has taken their fight for accountability to the doors of Nigeria's justice ministry, calling for an immediate investigation into alleged financial misconduct during former NNPC chief Mele Kyari's tenure.
Breaking Down the Controversy
Dubious Investment Raises Eyebrows
At the center of the storm is a questionable $400 million investment by Matrix Energy Limited in the Port Harcourt refinery rehabilitation project. This private sector involvement has drawn sharp criticism because:
The Federal Government had already approved $1.5 billion for the same project
No transparent bidding process was followed
The deal has reportedly ballooned into a $2 billion liability for NNPC
Refinery Rehabilitation: Billions Spent, Zero Results
Despite massive investments, Nigeria's refineries remain inoperable:
Refinery | Amount Invested | Current Status |
---|---|---|
Port Harcourt | $1.5 billion | Partial operations promised since 2023 |
Warri | $740 million | Rehabilitation stalled |
Kaduna | $1.2 billion | No significant progress |
Mounting Pressure for Accountability
The protesting lawyers have presented a comprehensive demand list:
- 1 Immediate forensic audit of all refinery rehabilitation funds
- 2 Public disclosure of all related contracts
- 3 Judicial inquiry into alleged mismanagement
- 4 Asset freezes for suspected individuals and entities
Government's Next Move
With public frustration growing over Nigeria's continued reliance on fuel imports despite massive refinery investments, all eyes are on:
- The Justice Ministry's response timeline
Potential involvement of anti-corruption agencies
NNPC's official position on the allegations
Industry analysts warn that failure to properly address these allegations could further erode investor confidence in Nigeria's energy sector reforms.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board