By John Umeh
The former Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, is currently under the spotlight as he appeared before the Economic and Financial Crimes Commission (EFCC) in Abuja on Wednesday. His presence at the anti-graft agency follows mounting allegations of financial misconduct tied to his tenure at the helm of Nigeria’s state oil company.
According to sources within the EFCC who spoke on condition of anonymity, Kyari honored an invitation from the commission and is now in custody as investigators dig deeper into the allegations. The development marks a new chapter in what has become a widening probe into transparency and accountability within the petroleum sector.
Frozen Accounts and Court Orders
The EFCC’s interest in Kyari intensified after the Federal High Court in Abuja ordered the temporary freezing of four bank accounts linked to him. The accounts, domiciled in Jaiz Bank, were frozen on the basis of allegations of fraudulent activities.
Justice Emeka Nwite granted the order after EFCC’s counsel, Ogechi Ujam, successfully argued a motion ex parte. The move signaled that investigators had traced suspicious financial flows potentially connected to Kyari, raising questions about the management of funds during his leadership at the NNPCL.
The court order is part of a broader effort to follow the money trail, as anti-graft operatives intensify scrutiny over transactions linked to Nigeria’s oil revenues.
Senate Queries Fuel the Fire
Beyond the EFCC’s probe, the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, has also raised red flags over alleged discrepancies in the NNPCL’s financial records. The committee reviewed the audited financial statements of the company between 2017 and 2023, a period that covered Kyari’s tenure as GMD.
Findings from the review reportedly revealed trillions of naira in inconsistencies, which the committee described as “mind-boggling and worrisome.” In response, the NNPCL finance team was handed 11 formal queries with a one-week deadline to provide clarifications.
The Senate’s intervention underscores growing concerns in the National Assembly about transparency in Nigeria’s oil sector, which remains the backbone of the economy but has long been plagued by allegations of mismanagement and corruption.
Leadership Shake-Up at NNPCL
Kyari’s legal troubles come only months after President Bola Tinubu approved a sweeping shake-up of the NNPCL board. In the restructuring, both Kyari and board chairman Chief Pius Akinyelure were relieved of their positions, alongside other board members appointed in November 2023.
While the presidency framed the changes as part of broader reforms to reposition the national oil company, the timing of the EFCC’s investigation and the Senate’s queries have fueled speculation that deeper issues may have influenced the leadership overhaul.
A Career Under Scrutiny
Mele Kyari, who had a long career within the oil industry before rising to become NNPCL’s GMD, was once celebrated for spearheading reforms, including efforts to increase transparency and attract foreign investment into Nigeria’s energy sector. His tenure also coincided with the transition of the NNPC into a limited liability company under the Petroleum Industry Act (PIA).
However, critics argue that despite structural changes, the company under his watch failed to shake off the shadows of corruption and opacity that have dogged Nigeria’s petroleum sector for decades. The EFCC’s ongoing probe, along with Senate scrutiny, threatens to tarnish a reputation once burnished by reformist credentials.
What Happens Next
For now, Kyari remains in the custody of the EFCC, and investigations are ongoing. Legal experts note that the freezing of bank accounts is typically a precursor to more detailed financial examinations, which could lead to formal charges if wrongdoing is established.
The outcome of this case could have wide implications for Nigeria’s anti-corruption drive and the credibility of reforms in its oil and gas sector. With public trust in the industry already fragile, Nigerians are watching closely to see whether the investigation will lead to accountability or fade into yet another unresolved probe.
As the spotlight remains firmly on Mele Kyari, the EFCC’s handling of the investigation will not only test the commission’s resolve but also shape public perception of the government’s commitment to fighting corruption in the country’s most critical industry.
