The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into the controversial $7.2 billion funding linked to the Dangote Refinery by interrogating the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
According to credible sources, Kyari was summoned by the EFCC to provide clarity on NNPCL’s acquisition of a 20% equity stake in the Dangote Refinery — a deal that saw an initial $2.7 billion disbursed, followed by an additional $4.5 billion allocated to related infrastructure and project support.
The EFCC is probing possible irregularities surrounding the transaction, including whether due process was followed and if the refinery’s valuation matched the massive investment. This interrogation marks a significant development in Nigeria’s efforts to enforce transparency in major public-private partnerships. Notably, the Dangote Refinery, expected to refine 650,000 barrels of crude oil per day, is considered a cornerstone project in Nigeria’s quest for fuel independence. However, concerns over the rushed release of funds and lack of transparency have raised red flags.
During the questioning, Kyari reportedly defended the transaction, describing it as a “strategic investment” to ensure national energy security. Still, the EFCC is scrutinizing internal memos, board approvals, and financial agreements to uncover any acts of financial mismanagement.
Moving forward, the anti-graft agency is expected to invite more top officials involved in the deal as the investigation widens. As the investigation unfolds, stakeholders await clarity on whether this high-stakes deal was in Nigeria’s best interest or another case of mismanaged public funds.
