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Kukuruku Radio > Blog > Business > Finance > $2bn Crude-For-Loan: Lawyers to Drag Kyari to EFCC
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$2bn Crude-For-Loan: Lawyers to Drag Kyari to EFCC

Kukuruku KBN
Last updated: 2025/04/25 at 9:25 AM
Kukuruku KBN
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By
David.E

A coalition of legal professionals under the banner of Guardians of Democracy and Rule of Law has announced its intention to file a petition with the Economic and Financial Crimes Commission on Monday, demanding an investigation into alleged corruption and mismanagement during the tenure of former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari.

Speaking with The KUKURUKU on Wednesday, the group confirmed the forthcoming submission of the EFCC petition, which follows a similar petition already filed with the Attorney General of the Federation and Minister of Justice.

The group is calling for Kyari’s investigation, arrest, and prosecution over a range of alleged financial infractions.

We will submit a petition to the EFCC on Monday,” the group stated.

Kyari was removed from office on April 2 and replaced him with Bayo Ojulari. Kyari was NNPCL helmsman for nearly six years, occupying office from July 2019 to April 2, 2025.

On Wednesday, the lawyers seeking Kyari’s probe marched to the Federal Ministry of Justice headquarters in Abuja to submit a formal petition dated April 23, 2025.

The document was co-signed by the group’s convener, Emmanuel Agada, and National Secretary, Jonathan Uchendu. It accuses Kyari of overseeing a corrupt and opaque administration at NNPCL.

Wednesday’s protest marked the second consecutive day of public demonstrations outside the AGF’s office.

On Tuesday, another group, Concerned Citizens Against Corruption, also demanded a full investigation into NNPCL’s financial activities over the past five years.

In their petition, the Guardians of Democracy and Rule of Law alleged that Kyari ran the NNPCL “as a racket in favour of his friends and associates.”

They expressed concern that while President Bola Tinubu eventually removed Kyari from office—largely in response to public outcry—there has been no formal probe into the former CEO’s conduct.

Among the allegations listed in the petition are inconsistencies in the reported rehabilitation of state-owned refineries.

The group highlighted the claim that Matrix Energy Limited invested $400m in the Port Harcourt Refinery, despite a prior $1.5bn approval from the Federal Executive Council for the same project.

Further, the group claimed that NNPCL accrued a debt of over $2bn to Matrix Energy, allegedly serviced through a crude-for-loan arrangement involving the daily allocation of 80,000 barrels of crude oil.

The petition questions the legitimacy and transparency of such transactions.

The lawyers raised key questions including how the Federal Government, through the NNPCL, accumulated a $2bn debt to Matrix Energy, why the debt is being repaid through crude oil allocations, who negotiated the agreement, and why the public has been left uninformed about the entire deal.

They urged the AGF to review all agreements signed under Kyari’s administration, investigate the transactions with a view to recovering any misappropriated funds, quantify any financial losses and recommend recovery strategies, and establish a commission of inquiry into NNPCL’s refinery rehabilitation projects.

They stressed that a full investigation would promote accountability, prevent a recurrence of similar mismanagement, and deter future abuse of public trust.

The group also pledged its support for any transparent and credible probe process.

Upon submitting the petition, the delegation was received by Deputy Director Winifred Adekunle, who assured them of the AGF’s commitment to justice.

Your petition will receive immediate attention. There will be a response, and whatever questions you have asked will be addressed appropriately. Be assured that the Attorney General and the Solicitor General are people you can rely on,” Adekunle said.

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