At least 14 current and former officials of the Nigerian National Petroleum Company Limited (NNPCL), including ex-chief executives Mele Kyari and Abubakar Yar’Adua, are under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged misuse of public funds and abuse of office, according to a letter sent to the company.
The EFCC, in a letter dated April 28, 2025, and addressed to the Group Managing Director of NNPCL, requested certified true copies of the salaries and benefits of the individuals under scrutiny.
The letter, titled “Investigation Activities Request for Information” and marked with reference number CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698, stated, “The Commission is investigating a case of Abuse of Office and Misappropriation of Funds in which the under-listed officials of your organisation featured.
“In view of the above, you are kindly requested to furnish certified true copies of their emoluments and allowances, including that of those who have retired and no longer work with your organisation.”
The EFCC named former Group CEO Mele Kyari; Ibrahim Onoja; Mustapha Magaji Sugungun; Abubakar Lawal Yar’Adua; Isiaka Abdulrazak; Umar Ajiya; Dikko Ahmed; and Ademoye Adeniyi Jelili.
Others listed were Kayode Olusegun Adetokunbo, Efiok Michael Akpan, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
EFCC Confirms Ongoing Investigation
The investigation reportedly involves funds meant for the refurbishment of three major refineries: Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
EFCC spokesperson, Dele Oyewale, confirmed the probe in a statement to Channels TV but declined to provide further details.
“There are ongoing investigations into the funds released for the rehabilitation of the Kaduna, Warri and Port Harcourt refineries,” Oyewale stated.
Leadership Changes and Forensic Audit
On April 2, President Bola Tinubu approved a major shake-up of the NNPCL board, removing Chairman Chief Pius Akinyelure and Group CEO Mele Kyari, along with all other board members appointed in November 2023.
According to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, the President named Engineer Bashir Ojulari as the new Group CEO and Ahmadu Kida as Non-Executive Chairman.
Adedapo Segun, who succeeded Umaru Ajiya as CFO in November, also joined the reconstituted board. Six non-executive directors representing Nigeria’s geopolitical zones were also appointed.
Citing Section 59(2) of the Petroleum Industry Act, 2021, President Tinubu emphasized that the board overhaul was intended to improve efficiency, restore investor trust, enhance local content participation, and accelerate gas industry development.
He tasked the new board with immediately reviewing NNPCL’s portfolio of assets to ensure value creation.
As part of broader reforms to attract investment, the Tinubu administration has been driving oil sector initiatives since 2023. Last year, the sector recorded \$17 billion in new investments, with projections targeting \$30 billion by 2027 and \$60 billion by 2030. Oil production goals are also set at two million barrels daily by 2027 and three million by 2030.
Just over three weeks after the board reshuffle, Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed that a forensic audit of the NNPCL would soon commence.
Speaking at the Nigerian Investor Forum during the IMF/World Bank spring meetings in Washington, DC, Edun noted that the management overhaul was part of a broader government effort to cleanse and audit the national oil company.
What you should know
The EFCC’s investigation into NNPCL top brass signals growing scrutiny of how oil sector funds are managed. With a forensic audit looming and major leadership changes already underway, the Tinubu administration appears focused on enforcing accountability and boosting investor confidence in Nigeria’s oil and gas sector.
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