EFCC Tightens Noose Around Former NNPCL CEO Over Alleged Fund Diversion

Nigeria’s anti-corruption agency has intensified its probe into alleged financial mismanagement within the Nigerian National Petroleum Company Limited (NNPCL).

This has placed former Group Chief Executive Officer, (GCEO) Mele Kyari, under increased scrutiny in connection with the $7.2 billion earmarked for refinery rehabilitation.

A Federal High Court in Abuja this week ordered the temporary freezing of four bank accounts linked to Kyari as part of an ongoing investigation into suspected fraud, abuse of office, and money laundering. 

The accounts, domiciled with Jaiz Bank, are alleged to have received suspicious inflows tied to questionable transactions during Kyari’s leadership at the state-owned oil firm.

While the Economic and Financial Crimes Commission (EFCC) has yet to issue a formal statement, multiple sources familiar with the investigation say the former NNPC boss is now on the agency’s watchlist and may be invited for questioning in the coming days.

The development follows months of behind-the-scenes investigative work by the EFCC’s Special Investigation Section (SIS), which began after a whistleblower petition alleged widespread financial irregularities in NNPCL’s handling of refinery turnaround maintenance contracts. 

The commission has since obtained documents and interrogated several top executives formerly associated with the national oil company.

One of the EFCC insiders, who spoke on condition of anonymity, said the investigation had reached a “critical stage,” noting that several senior officials previously involved in the project had been arrested or are currently assisting with inquiries. 

Among those questioned are former managing directors of the country’s major refineries and a former Chief Financial Officer of NNPC, who oversaw the disbursement of funds for the refinery rehabilitation projects.

According to court documents, preliminary findings show that more than ₦661 million believed to be proceeds of unlawful activity was funneled through the frozen accounts. 

Investigators claim the transactions were disguised as donations for a book launch and payments to a non-governmental organisation.

The EFCC argues that the accounts were used to conceal illicit flows from oil contractors and companies doing business with NNPCL, with some allegedly controlled through intermediaries linked to Kyari. 

Justice Emeka Nwite on Tuesday issued an order while ruling on an ex parte motion marked: FHC/ABJ/CS/1641, which was brought by the EFCC and was argued by its lawyer, Ogechi Ujam, that the accounts be frozen.

Although the EFCC lawyer had urged the court to freeze the account for 60 days to enable it to conclude the ongoing investigation, Justice Nwite limited the tenure of the order to 30 days, which he said could be renewed if necessary.

Ujam had told the court that the temporary freezing order was necessary because the accounts were currently being investigated in a case involving the offences of conspiracy, abuse of office and money laundering pending the conclusion of the investigation.

She identified the accounts as Jaiz Bank account number: 0017922724 with account name: Mele Kyari; Jaiz Bank account number: 0017922724 with account name: Mele Kyari; Jaiz Bank account number: 0018575055 with account name: Guwori Community Dev. and Jaiz Bank account number: 0018575141 with account name: Guwori Community Development Foundation Flood Relief.

In his ruling, Justice Nwite said: “I have listened to counsel to the applicant and gone through the affidavit evidence with the exhibits and written address attached. I find that this application is meritorious and it is hereby granted as prayed,” he said.

The judge then adjourned till September 23 for the EFCC to report on further developments.

This deepening probe follows President Bola Tinubu’s sweeping overhaul of the NNPCL board earlier this year, which saw Kyari replaced by Bashir Ojulari as Group Chief Executive Officer in April 2025. Since then, the EFCC has reportedly widened its investigation to cover other high-profile figures associated with the corporation’s major infrastructure projects.

The commission is also examining broader allegations of systemic corruption involving inflated contracts, kickbacks, and diversion of public funds intended for Nigeria’s ailing refineries—facilities that, despite massive capital injections over the years, remain largely non-functional.

Sources within the agency confirm that several implicated individuals have been placed under monitoring and are required to report regularly to EFCC offices while the investigation continues.

Legal experts say the next steps may include formal charges, depending on the outcome of the forensic financial review and whether direct evidence links Kyari and others to specific instances of misconduct.

The case is expected to return to court in late September, when EFCC will present an update on its findings and possibly request an extension of the account freezing order.