News
$3bn Refinery Fraud: N80bn Found In sacked MDs’ Bank Accounts

The Economic and Financial Crimes Commission has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation of the facilities. The total amount under investigation is $2,956,872,622.36.
Findings by The PUNCH showed that the EFCC is probing the sum of $1,559,239,084.36 allocated to the Port Harcourt refinery, $740,669,600 released for the Kaduna refinery, and $656,963,938 approved for the Warri refinery.
The ex-Managing Director of Port Harcourt Refining Company Ltd is Mr Ibrahim Onoja, while Efifia Chu served as the ex-Managing Director of the Warri Refining and Petrochemical Company Ltd.
This came as impeccable top management sources at the Nigerian National Petroleum Company Limited revealed that N80bn was found in the account of one of the sacked MDs.
Also, operators and experts in the sector lambasted NNPCL for deceiving Nigerians regarding the operations of the refineries, particularly the Port Harcourt and Warri plants, following the poor output from the facilities since their resumption of operations in November and December 2024.
Dashed hope
NNPCL manages the three refineries for Nigerians. The plants had remained dormant for decades, but the Port Harcourt and Warri refineries resumed operations in November and December 2024, respectively.
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However, less than one month after the Warri refinery resumed operations, the plant was again shut down due to safety concerns.
The Port Harcourt refinery, on the other hand, has been operating below 40 per cent of its capacity since its widely celebrated revamp.
On Tuesday the new NNPCL management fired the managing directors of the three refineries under its purview.
Some other senior officials of the national oil firm were also asked to leave; among them was Bala Wunti, a former chief of the National Petroleum Investment Management Services, a subsidiary of the NNPCL.
The new management also asked many officials with one year to their various retirement dates to leave.
Arrest of suspects
A senior EFCC source revealed that the arrests of the three ex-MDs and top officials were part of an ongoing investigation into the billions of dollars released for the quick-fix maintenance of the three state-owned 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.
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“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 The 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!”
Kyari under probe
A document obtained by The PUNCH on Friday from NNPCL, dated April 28, 2025, and titled, ‘Investigation Activities: Request for Information’, indicated that the probe by EFCC included the immediate past Group Chief Executive Officer of the national oil firm, Mele Kyari.
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The EFCC document was addressed to the Group Managing Director (Group Chief Executive Officer) of the national oil company and contained the names of 13 other former senior executives of the NNPCL.
“The commission is investigating a case of abuse of office and misappropriation of funds in which the underlisted officials of your organisation featured,” the document stated.
It outlined the officials to include Abubakar Yar’Adua, Mele Kyari, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ibrahim Onoja, Ademoye Jelili, and Mustapha Sugungun.
Others are Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya and Desmond Inyama.
“In view of the above, you are kindly requested to furnish certified true copies of their emoluments and allowances, including that of those who have retired and no longer work with your organisation,” the anti-graft commission told the NNPCL boss.
The spokesperson for the NNPCL, Olufemi Soneye, has remained mute over allegations against top officials of the company, as he ignored repeated enquiries on the matter.
Lies uncovered
Although this is not the first time the company has feigned the effectiveness of its operations, citizens have noted that the lack of transparency not only deepens public distrust but also fuels speculation about the company’s true intentions and the actual state of Nigeria’s oil infrastructure.
On Tuesday the NNPCL came under fire as the $897m Warri refinery revamp flopped.
The $1.5bn newly repaired Port Harcourt refinery had been struggling at under 37.87 per cent production capacity.
This was after the revelation that the Warri Refining and Petrochemical Company had remained shut since January 25, 2025, due to safety issues in its Crude Distillation Unit Main Heater.
An April 2025 document on the Midstream and Downstream sector obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority revealed that the refinery, which consumed $897.6m in maintenance costs, failed to produce Premium Motor Spirit (petrol) and was shut down barely a month after former NNPCL boss, Kyari, declared it operational.
(PUNCH)
News
Man Charged After Fatal Southall Collision
A 20-year-old man has been charged after a fatal road collision in Southall, west London, which claimed the life of a 17-year-old passenger.
The Metropolitan Police said officers were called at about 1:04 a.m. on Saturday, September 19, following reports of a collision involving a Ford Mustang on South Road, Southall.
Officers attended the scene alongside paramedics from the London Ambulance Service and firefighters from the London Fire Brigade.
Despite efforts by emergency responders, 17-year-old passenger Ranbir Singh died at the scene.
His next of kin have been informed and are being supported by specialist officers.
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Another passenger, a 26-year-old man, sustained serious injuries in the collision and remains in hospital, according to police.
The driver of the vehicle, Sukhveer Singh, 20, of Townsend Road, Southall, was arrested at the scene.
He was subsequently charged on Sunday, September 20, with causing death by dangerous driving, aggravated vehicle taking and dangerous driving.
He was also charged with driving otherwise than in accordance with a licence and using a vehicle without insurance.
Singh appeared before Uxbridge Magistrates’ Court on Monday, September 21, and was remanded in custody.
He is due to appear at the Old Bailey on Monday, October 19.
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Detective Inspector Fiaz Janjua, from the Serious Collision Investigation Unit, said: “This is a truly tragic incident in which a young man has lost his life and another remains in hospital with serious injuries.
“Our deepest sympathies remain with Ranbir’s family and friends, who continue to be supported by specially trained officers. during this extremely difficult time.
“While a man has now been charged in connection with this collision, our investigation remains ongoing and we are continuing to establish the full circumstances leading up to the incident.
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“I would ask anyone who witnessed the collision, the manner of driving beforehand, or the movements of the Ford Mustang in the Southall area during the early hours of Saturday, 19 September, to come forward.”
Police are particularly appealing to anyone who may have CCTV footage, doorbell recordings, mobile phone footage or dashcam recordings that could assist the investigation.
The Met urged anyone with information to contact police on 101, quoting reference 01/8080469/26.
The force said the investigation remains ongoing as detectives work to establish the circumstances leading up to the collision.
(MetPolice)
News
Iranian Airlines Hit By US Sanctions As Oil Prices Rise On Saudi Attacks

Iranian airlines have been barred from operating in several neighbouring countries following the implementation of new US sanctions, as the wider Middle East conflict continued to put pressure on regional energy supplies and push oil prices higher.
The United Arab Emirates suspended all flights operated by Iranian airlines until further notice after a US deadline for companies around the world to stop doing business with Iran’s aviation sector expired.
Iran’s Tasnim news agency also reported that flights to Oman, Georgia, Azerbaijan and Baghdad had been halted. Iranian authorities were reportedly working to redirect some services to Najaf in Iraq.
The measures are part of a broader US effort to isolate Iran economically by imposing sanctions on companies in third countries that continue doing business with Iranian firms.
Washington had set September 23 as the deadline for companies worldwide to comply with restrictions targeting Iranian airlines, with the stated aim of grounding Iran’s entire civilian aircraft fleet.
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The restrictions have already affected Iran’s international air links, with Tehran’s Imam Khomeini Airport showing scheduled services to countries including Afghanistan, Armenia, China, Iraq, Pakistan, Tajikistan and Turkey, but no flights to or from several Gulf states.
Iran has warned that neighbouring countries complying with the US restrictions could face retaliation.
A senior Iranian official warned on Wednesday that airports in countries enforcing the ban could be made “unusable”.
The latest sanctions came as tensions across the region continued to affect global energy markets.
Oil prices rose sharply on Thursday after Yemen’s Iran-backed Houthi fighters launched missile attacks against Saudi Arabia, raising fresh concerns about disruptions to crude supplies.
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Saudi Arabia said it intercepted six ballistic missiles fired by the Houthis towards areas including Taif and the Yanbu region on the Red Sea.
Yanbu is particularly important to Saudi Arabia’s oil-export strategy because the port provides an alternative route for crude when shipments through the Strait of Hormuz are disrupted.
Brent crude futures settled at $106.60 a barrel, gaining $3.52, or 3.4 per cent, while US West Texas Intermediate crude rose $2.45, or 2.7 per cent, to settle at $94.61.
Both benchmarks had risen by about 5 per cent at their session highs. Brent recorded its highest closing price since September 15, while the gain represented WTI’s first rise after six consecutive sessions of losses.
The price increase came despite signs that diplomatic efforts between Washington and Tehran could eventually ease pressure on oil supplies.
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Reuters reported that US and Iranian negotiators in New York were exploring a possible phased agreement under which Iran would reopen the Strait of Hormuz while the United States eased its economic blockade of Iran.
The Strait of Hormuz is a crucial global oil route and its disruption has been a major factor behind the volatility in energy markets during the conflict.
The prospect of negotiations helped crude prices retreat from their intraday highs.
The wider conflict has also affected Saudi Arabia’s ability to export crude. Saudi Arabia has been using its East-West pipeline to divert oil towards the Red Sea after disruptions to Gulf shipping routes. The country has been working to restore export capacity through Yanbu.
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Meanwhile, the latest US sanctions threaten to deepen Iran’s economic isolation.
President Donald Trump previously described the expanded sanctions strategy as “economic D-Day”, referring to Washington’s attempt to increase pressure on Tehran by targeting companies outside Iran that continue to do business with sanctioned Iranian entities.
Iranian authorities have warned that the sanctions and wider blockade could worsen the country’s economic difficulties.
The latest developments have therefore created two competing pressures for oil markets: continued military escalation around major energy infrastructure and shipping routes could push prices higher, while progress in US-Iran negotiations and a reopening of the Strait of Hormuz could ease supply concerns.
(Reuters)
News
Report: UK Considers Raising Tax-free Allowance To £15,570

The UK government is reportedly considering increasing the personal income tax allowance from £12,570 to £15,570, a move that could leave millions of workers with more disposable income and prevent most state pensioners from paying tax on part of next year’s pension increase.
The proposal, reported by Sky News citing The Telegraph, would represent the first increase in the personal allowance in five years. The threshold has remained frozen at £12,570 since 2021.
If implemented, the new threshold would be close to the level the allowance might have reached had it continued rising instead of being frozen.
The proposal is being considered by Chancellor John Healey and Prime Minister Andy Burnham, according to the report. It was suggested by Labour donor and Ecotricity owner Dale Vince.
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Vince said: “If Labour wants to get the economy moving, it should put money into the pockets of people who will spend it.”
He added: “Raising the personal allowance to £15,570 would give millions of people a meaningful boost, with the biggest benefit going to those on the lowest incomes.”
He proposed funding the measure through changes to capital gains tax and by ending interest payments on Bank of England reserves.
“We can pay for it by making the tax system fairer – starting with capital gains and the billions we currently hand to banks in interest,” Vince said.
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However, the government has not confirmed that the proposal will be included in the upcoming Budget.
A Treasury spokesperson said decisions on taxation were matters for the Chancellor to announce at fiscal events, rather than issues the department would “routinely comment on rumour, speculation or proposals”.
The proposed increase could also address an issue facing pensioners.
The UK’s state pension is expected to rise by 3.9% next April under the government’s triple lock system, which guarantees an annual increase based on whichever is highest among inflation, average wage growth or 2.5%.
Provisional wage figures show growth of 3.9%, meaning the full new state pension could increase from £12,547.60 to about £13,036.60.
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That would put the state pension above the current £12,570 personal allowance by approximately £457.
For pensioners with total retirement income below £50,270, that amount would normally be subject to the basic 20% income tax rate, potentially resulting in an annual tax bill of about £91.40.
Increasing the personal allowance to £15,570 would place the projected state pension below the new threshold, meaning pensioners would not pay income tax on the state pension itself, assuming they had no other taxable income.
The proposal comes as the government faces pressure over its finances ahead of the next Budget.
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Official figures showed that the UK public sector borrowed £18.3bn in August, the second-highest borrowing figure recorded for the month. Borrowing for the financial year so far was also £8.1bn above the level forecast by the Office for Budget Responsibility.
The government is therefore expected to face difficult decisions over taxation and spending when the Chancellor delivers the Budget.
Other possible tax changes under discussion include changes to capital gains tax and the proposed high-value council tax surcharge on expensive properties.
No decision on the personal allowance has been announced, and the final policy will depend on the Chancellor’s Budget decisions.
(skynews)
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