EFCC PROBES FORMER NNPCL EXECUTIVES OVER ALLEGED ₦7.2 BILLION FRAUD
Amy Adindu
The Economic and Financial Crimes Commission (EFCC) has confirmed that it is currently investigating former top executives of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged ₦7.2 billion fraud, in what could become one of the country’s biggest oil-sector accountability tests in recent years.
According to sources within the anti-graft agency, the investigation, still in an intelligence-gathering and interrogation phase, focuses on suspected financial misconduct, including contract inflation and diversion of public funds by immediate-past NNPCL officials.
Ongoing Investigation
Though no names have officially been released, several key figures have reportedly been invited for questioning, and documents related to the suspected transactions are currently being scrutinized.
EFCC spokespersons confirmed that while no formal charges have been filed yet, the Commission is “deep into investigations,” and assets and bank accounts linked to the individuals may be frozen if evidence warrants such action.
The Bigger Picture
The alleged fraud comes at a sensitive time for Nigeria’s oil and gas sector, where public trust is already low due to issues of subsidy removal, rising fuel prices, and growing pressure for transparency in state-run enterprises.
The NNPCL, which recently transitioned into a commercial entity under the Petroleum Industry Act (PIA), has yet to issue an official response regarding the probe or its potential implications for the company’s image and internal controls.
Public Reaction & What’s Next
As Nigerians grapple with inflation and record-high fuel prices, news of such alleged financial misconduct within the national oil company has sparked public outrage online and renewed calls for systemic reform.
Legal and anti-corruption experts say if the EFCC proceeds with charges, the case could set a precedent for how post-PIA NNPCL operations will be scrutinized in the future.
The Commission says further updates will be provided as investigations progress.
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