•P’Harcourt, Warri, Kaduna refineries’ MDs arrested
•Kyari, 13 senior ex-NNPCL officials face probe
THE Economic and Financial Crimes Commission has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation of the facilities. The total amount under investigation is $2,956,872,622.36.
Key Findings
Suspicious Transactions & Wealth Accumulation
Anti-corruption investigators traced N80 billion in cash and assets to the former MD’s accounts.
The funds were allegedly siphoned through fake contracts, over-invoicing, and kickbacks from contractors.
Properties, luxury cars, and foreign accounts were also linked to the ex-MD.
The $3 Billion Refinery Fraud
The total fraud is estimated at $3 billion, involving:
Phantom refinery maintenance projects
Unauthorized foreign transfers
Manipulation of procurement processes
How the Fraud Was Uncovered
A whistleblower within the refinery alerted authorities.
Forensic audits revealed discrepancies in contract awards and payments.
The Economic and Financial Crimes Commission (EFCC) froze multiple accounts and launched a full-scale investigation.
Next Steps
Prosecution: The ex-MD and accomplices face charges for fraud, money laundering, and abuse of office.
Recovery of Stolen
Funds: EFCC working to repatriate hidden assets.
Reforms: Calls for stricter auditing and digital tracking of refinery finances.
MESSAGE us @ https://Wa.me/+2348072633727 for business relationship, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and so on…
Conclusion
This case highlights deep-rooted corruption in Nigeria’s oil industry, draining public resources meant for national development. As investigations continue, citizens await justice and systemic reforms to prevent future fraud.
YOU CAN READ MORE NEWS UPDATES AND INFO @ https://www.voiceairmedia.com
...orders review of health insurance coverage for media practitioners Osun State Governor, Senator Ademola Adeleke…
President Bola Tinubu on Monday held closed-door talks with six governors elected on the platform…
The Federal High Court in Abuja has turned down the request of Biafra nation agitator,…
THE Nigerian National Petroleum Company Limited (NNPC) has reduced petrol prices at its retail stations…
The Federal Government has secured the release of 100 pupils who were abducted from St.…
News Update A Royal Condolence to the Osun Online Publishers on the Passing of Adesoji…