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No fewer than 14 officials of the Nigerian National Petroleum Company Limited (NNPCL), including two former chief executives, Mele Kyari and Abubakar Yar’Adua, are currently under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged misappropriation of funds and abuse of office, according to a letter sent to the company.
Dated April 28, 2025 and addressed to the Group Managing Director of NNPCL, the EFCC’s correspondence requested certified true copies of the emoluments and allowances of all affected current and former employees.
Titled “Investigation Activities Request for Information” and bearing reference number CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698, the letter stated in part:
“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 those who have retired or no longer work with your organisation.”
Among those named by the EFCC are: Mele Kolo Kyari (former Group CEO), Ibrahim Onoja, Mustapha Magaji Sugungun, Abubakar Lawal Yar’Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Adeniyi Jelili, Kayode Olusegun Adetokunbo, Efiok Michael Akpan, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
Linked to Refinery Rehabilitation Funds
The investigation reportedly concerns funds allocated for the rehabilitation of the Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company.
EFCC spokesperson Dele Oyewale confirmed to Channels TV that an investigation is underway but refrained from providing further details, stating only:
“There are ongoing investigations into the funds released for the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.”
Kyari’s Removal and Forensic Audit Plans
President Bola Tinubu, on April 2, 2025, reconstituted the board of NNPCL, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mele Kyari. All other board members appointed alongside them in November 2023 were also relieved of their duties.
According to a statement from Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the newly constituted 11-member board includes Engineer Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Adedapo Segun, who replaced Umaru Ajiya as CFO in November, was also appointed to the board. Six non-executive directors represent Nigeria’s geopolitical zones.
Invoking Section 59(2) of the Petroleum Industry Act, 2021, President Tinubu described the board shake-up as essential for enhancing efficiency, attracting investment, restoring confidence, increasing local content, and boosting gas sector development.
The board has been tasked with an immediate strategic review of NNPC’s portfolio to ensure alignment with value-maximisation goals.
Forensic Audit Incoming
Twenty-two days after the board changes, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced 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 explained that the overhaul of NNPCL’s leadership formed part of the Federal Government’s broader reform agenda.
Since 2023, the Tinubu administration has prioritised oil sector reform, resulting in $17 billion in new investments. The government aims to raise this to $30 billion by 2027 and $60 billion by 2030, with targeted production increases to 2 million barrels per day by 2027 and 3 million by 2030.
