The Economic and Financial Crimes Commission has launched a comprehensive investigation into Mele Kyari, the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, along with 13 other senior executives, over allegations of mismanagement of funds.
The probe centers on financial transactions during Kyari’s five-year tenure, particularly focusing on claims of fraud, tax evasion, and irregularities in the handling of funds allocated for refinery maintenance. Authorities are scrutinizing approximately $2.9 billion reportedly spent on the Turn Around Maintenance of Nigeria’s refineries, including those in Port Harcourt, Warri, and Kaduna.
The investigation was prompted by petitions submitted to the Attorney General of the Federation, which raised concerns about financial misconduct and lack of transparency in NNPCL’s operations under Kyari’s leadership. The anti-graft agency has requested salary records and other financial documents from NNPCL to verify the legitimacy of expenditures and ensure compliance with fiscal regulations.
Investigators are examining whether funds were misappropriated or diverted, with specific attention to contracts and payments related to refinery rehabilitation projects. The allegations suggest that some transactions may not have followed due process, potentially leading to significant financial losses for the state-owned oil company. Additionally, the probe is looking into claims of tax evasion by senior officials, which could have broader implications for Nigeria’s revenue collection efforts.
Kyari, who stepped down from his role recently, has been commended by some for his efforts to revive Nigeria’s moribund refineries, particularly the Port Harcourt and Warri facilities, which resumed limited operations under his watch. However, critics argue that the high costs associated with these projects, coupled with delays and inefficiencies, warrant a thorough investigation.