$2bn crude-for-loan: AGF to Probe Kyari Over Fraud Allegations
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has assured Nigerians that the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, will be investigated in response to growing public demand.
One of the petitions raised was concern over the NNPCL’s reported $2m billion debt to Matrix Energy, allegedly serviced through daily crude oil allocations of 80,000 barrels.
This assurance was delivered on Wednesday by Winifred Adekunle, a Deputy Director at the Federal Ministry of Justice, while addressing a group of protesting lawyers who marched to the ministry’s headquarters in Abuja to submit a petition calling for Kyari’s immediate investigation and arrest.
The demonstration marked the second consecutive day of protests at the AGF’s office over alleged corruption involving Kyari and the NNPCL.
On Tuesday, a civil society group under the banner of Concerned Citizens Against Corruption staged a protest, demanding a full investigation into Kyari’s financial dealings during his tenure.
Addressing the Wednesday’s protesters, Adekunle stated, “Your petition will receive immediate attention. There will be a response, and the issues raised will be addressed appropriately. Rest assured, the Attorney General and the Solicitor General are people you can count on. Your demands will not be ignored.”
On Wednesday, members of the Guardians of Democracy and Rule of Law, a coalition of legal professionals, submitted a detailed petition dated April 23, 2025 against Kyari.
Signed by the group’s Convener, Emmanuel Agada, and National Secretary, Jonathan Uchendu, the petitioners alleged that Kyari’s leadership of the NNPCL was plagued by corruption and shrouded in secrecy.
They described Kyari’s tenure as “a racket run in favour of friends and associates,” and criticizes the Federal Government for failing to investigate him thoroughly after his removal—an action taken only after widespread public pressure.
The group expressed outrage over alleged financial irregularities in the rehabilitation and re-streaming of government-owned refineries, claiming that funds expended do not reflect tangible results.
One example cited is the claim that Matrix Energy Limited invested $400m in the Port Harcourt Refinery, despite an earlier $1.5bn approval by the Federal Executive Council for the same project.
The petition also raises concerns over the NNPCL’s reported $2m billion debt to Matrix Energy, allegedly serviced through daily crude oil allocations of 80,000 barrels.
The lawyers questioned why the Federal Government is indebted to Matrix Energy, why the debt is being serviced with crude oil, who negotiated these transactions, and why the public has been kept uninformed.
They urged the Attorney General to review all agreements entered into by the NNPCL under Kyari’s leadership, investigate the transactions in order to recover misappropriated funds, and identify those responsible for the financial discrepancies.
They also called for a fact-finding probe to quantify the financial losses and recommend concrete recovery steps.
Additionally, the group requested the establishment of a commission of inquiry into the NNPCL’s handling of refinery rehabilitation projects under Kyari and the sacked board.
They emphasised that a thorough and transparent probe would promote accountability, deter future misconduct, and help prevent the recurrence of similar financial mismanagement.
The group reaffirmed its willingness to support the AGF in conducting an exhaustive investigation.
Source: The Punch
