A massive corruption probe is currently underway as the Economic and Financial Crimes Commission (EFCC) investigates several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over the alleged diversion of about $2.96 billion (approximately N80 billion) meant for the refurbishment of Nigeria’s ailing refineries.

In the EFCC’s net are recently sacked managing directors of the Port Harcourt, Warri, and Kaduna refineries, along with former executives of NNPCL, all accused of misappropriating funds meant for the short-term overhaul of the refineries which have remained largely comatose despite multiple budget allocations.

According to a senior official at the anti-graft agency who spoke under the condition of anonymity, the EFCC is zeroing in on specific allocations—$1.56 billion for Port Harcourt refinery, $740 million for Kaduna refinery, and $657 million for Warri refinery.

Preliminary investigations have already seen the arrest of several key figures, including Ibrahim Onoja, former Managing Director of the Port Harcourt Refining Company, and Efifia Chu, who once headed the Warri Refining and Petrochemical Company.

One of the arrested former MDs has reportedly spent over a week in EFCC custody following the discovery of staggering sums allegedly stashed in his bank accounts. The magnitude of the suspected fraud, insiders say, could rival or even surpass the controversial “Emefielegate” scandal that rocked the Central Bank of Nigeria.

In a bid to dig deeper, the EFCC has officially demanded a full disclosure of financial records from NNPCL. These include payment details of emoluments, allowances, and other disbursements tied to the rehabilitation projects.

At press time, EFCC spokesman, Dele Oyewale, was unavailable to comment on the ongoing investigation.

The case has already sent shockwaves through the country, with legal practitioners and civil society organisations threatening to sustain nationwide protests unless the full weight of the law is brought to bear on those involved.

Only last week, demonstrators stormed the office of the Attorney General of the Federation, demanding an urgent probe of the former Group Chief Executive Officer of NNPCL, Mele Kyari.

The controversy has also reignited debates around the call by policy advocate, Dan Kunle, for a total privatisation of Nigeria’s oil sector—a move that many Nigerians have roundly condemned, accusing it of paving the way for further exploitation of national assets.

As the EFCC intensifies its probe, many are watching with bated breath to see if the anti-corruption agency will finally bring an end to the refinery rehabilitation scam that has dragged on for years, draining public funds while the refineries remain moribund.