The Nigerian National Petroleum Company Limited (NNPCL) is considering selling its three major refineries in Warri, Kaduna, and Port Harcourt, sparking controversy amid an ongoing investigation into a $7.2 billion scandal involving refinery rehabilitation projects.

The Economic and Financial Crimes Commission (EFCC) has arrested several former top executives over allegations of fund mismanagement.

The EFCC is probing the alleged misappropriation of $2.96 billion allocated for refinery rehabilitation, with several former managing directors and senior officials arrested and financial records scrutinized. Critics argue that selling the refineries would destroy evidence needed to prosecute those involved in the alleged theft and create a monopoly for Dangote Refinery owners.

The EFCC chairman revealed that the preliminary probe exposed “mind-boggling” corruption in NNPCL, with illicit assets tracked across several jurisdictions.

Industry experts criticize the leadership style responsible for years of inefficiency, emphasizing the need for transformational leadership in Nigeria’s oil and gas sector.