The Economic and Financial Crimes Commission (EFCC) has alleged that a former top official of the Nigerian National Petroleum Company Limited (NNPCL) retained millions of naira paid by contractors and channelled N65.86 million into treasury bill investments in violation of Nigeria’s anti-money laundering laws.
According to the prosecution, the defendant allegedly received and retained funds from contractors and subsequently transferred N65.86 million for the purchase of treasury bills, transactions the anti-graft agency contends contravene the provisions of the Money Laundering Act, 2011, as well as the Money Laundering (Prevention and Prohibition) Act, 2022.
The allegations form part of the EFCC’s ongoing prosecution over the management of public funds linked to the nation’s oil sector.
The defendant is presumed innocent until proven guilty by a court of competent jurisdiction.
The development comes against the backdrop of longstanding concerns over the performance of Nigeria’s state-owned refineries despite successive government investments in their rehabilitation.
Nigeria’s four government-owned refineries, located in Port Harcourt, Warri and Kaduna, have a combined installed refining capacity of 445,000 barrels per day.
However, despite repeated allocations of public funds for their rehabilitation over the years, the facilities have remained largely non-functional, with domestic refining output recording little or no significant improvement.
The case is expected to continue as the prosecution presents further evidence before the court.
