The Economic and Financial Crimes Commission (EFCC) has arrested the recently dismissed managing directors and several senior officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. Their arrest follows allegations of misappropriation of $2.96 billion allocated for the rehabilitation of the three state-owned refineries. According to investigations by Saturday PUNCH, the EFCC is probing $1.56 billion allocated to the Port Harcourt refinery, $740.67 million to Kaduna, and $656.96 million to Warri. Former Port Harcourt Refining Company MD, Mr. Ibrahim Onoja, and former Warri Refining and Petrochemical Company MD, Efifia Chu, are among those detained. A credible source within the Nigerian National Petroleum Company Limited (NNPCL) disclosed that N80 billion was discovered in the bank account of one of the ousted MDs. Meanwhile, stakeholders in the oil and gas sector have strongly criticized the NNPCL for misleading Nigerians about the status of the refineries, especially the Port Harcourt and Warri plants, which resumed operations in November and December 2024 after decades of dormancy. Despite the much-publicized restart, the Port Harcourt refinery has been functioning at less than 40% capacity, while the Warri refinery was shut down again within a month over safety concerns. Earlier, the new NNPCL management had sacked the managing directors of all three refineries. Other senior officials, including Bala Wunti, the former head of the National Petroleum Investment Management Services (a subsidiary of NNPCL), were also relieved of their duties. Many others nearing retirement were asked to leave early. A senior EFCC official, who spoke anonymously, confirmed that the arrests are part of an extensive investigation into the massive funds released for the urgent overhaul of the refineries. “We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited. “Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?” the official said. The source added that the investigation was far-reaching, covering all key actors involved in the management of the refineries during the period in question. The EFCC spokesman, Dele Oyewale, could not be reached as of the time of filing this report. Earlier, sources at the NNPCL told PUNCH that one of the sacked MDs had been with the EFCC for about a week. “Large amounts have been discovered in his accounts. About N80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate,” the official, who spoke in confidence due to the nature of the probe, stated. Another official stated, “All the three of them are being investigated by the EFCC. It is indeed sad!”