₦airaland Forum

Dapo Segun and the Refinery Probe: A Name Omitted, a Process in Question

The Economic and Financial Crimes Commission’s ongoing investigation into Nigeria’s refinery rehabilitation projects has generated more confusion than clarity. Having closely followed the Port Harcourt and Warri refinery overhauls from the outset, I find it both perplexing and concerning that Mr. Dapo Segun—now Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL)—is absent from the EFCC’s list of individuals under scrutiny.

In a letter dated April 28, 2025, the EFCC announced its probe into alleged abuse of office and misappropriation of funds related to the refineries’ rehabilitation. The commission requested certified documents and records concerning a number of current and former officials who played significant roles in these projects. The list included former Group Chief Executive Officer Mele Kyari, former Managing Directors of the Port Harcourt and Kaduna refineries, and several other NNPC senior executives.

Yet, Mr. Dapo Segun’s name is conspicuously missing. During the period in question, he was far from a peripheral figure. As Executive Vice President for the downstream division, he was directly responsible for refinery operations, shipping, trading, and treasury—all areas now under investigation.

The Overlooked Central Figure

Mr. Segun’s position at the time placed him at the core of the activities now being examined. He oversaw departments currently under scrutiny and managed transactions that reportedly interest investigators. Notably, he was in charge during a two-year period that saw the sale of off-spec by-products from the refineries to traditional institutions in the South West, including the Awujale and other regional leaders.

Civil society groups have raised alarms about this omission. John Ochacho, coordinator of the Nigeria Transparency Initiative, captured the growing public unease:
“How can the EFCC list almost everyone involved in the refinery process but leave out Dapo Segun, who was at the very centre? This casts doubt on the true intent of this investigation,” he stated.

This is not a minor oversight. It points to either a lack of thoroughness or, more troublingly, a deliberate exclusion. Conducting a credible investigation into refinery operations without including the executive who held overarching authority is simply not possible.

Rewarded, Not Reprimanded

What makes this situation even more troubling is that, while other executives were removed or reassigned during NNPC’s reforms, Mr. Segun was promoted. He now serves as Chief Financial Officer, a role with even broader oversight of the company’s finances—despite lacking a university degree and having qualified in accountancy only through an OND diploma.

Why was Mr. Segun treated differently? What information, influence, or leverage does he possess that shielded him from the fate of his colleagues? These are legitimate questions that demand transparent answers.

The OVH Acquisition Issue

Beyond his involvement with the refineries, Mr. Segun also played a pivotal role in NNPCL’s acquisition of OVH Energy—a deal touted as strategic but now facing questions about its pricing and alignment with NNPCL’s long-term goals. Once again, Mr. Segun was at the heart of the process.

Given his central roles in both the refinery rehabilitation and the OVH acquisition, it is hard to justify his exclusion from the EFCC’s investigation. This is not a call for condemnation without evidence, but for an impartial and comprehensive inquiry. Any probe that sidesteps key players is, by design, incomplete.

The Probe’s Credibility at Stake

Regrettably, the investigation is rapidly losing credibility. Civil society organisations have highlighted a series of misleading media reports about dramatic arrests and alleged discoveries of large sums—claims that have later proven false. Such distractions only make it harder for the public to discern the truth.

If the EFCC is not careful, it risks being seen as a vehicle for selective justice, swayed by political or corporate interests. The public is watching—not only to see who is being questioned, but also who is being protected.

A Matter of Integrity

Leaving Dapo Segun out of this investigation is more than a clerical error; it strikes at the heart of whether this probe is genuine or merely for show. If the goal is to restore public trust and ensure accountability in the management of national resources, then no one—regardless of their status or connections—should be exempt.

To achieve this, the EFCC must revisit its list and ensure that everyone with material responsibility during the refinery overhaul is thoroughly investigated. Anything less risks turning a necessary probe into a hollow exercise.

About the Author
Tajudeen Bukar is a public affairs analyst and industry observer who has tracked Nigeria’s

https://www.signalng.com/dapo-segun-and-the-refinery-probe-the-omission-that-clouds-the-process/

Please don't make racist and tribalistic comments on this section

the establishment of the South-East Investment Company (SEIC), a federally backed investment vehicle with a projected capital base of N150 billion aimed at accelerating industrialisation and unlocking private sector growth across Nigeria’s South-East region.

The announcement was

Nigeria is a hopeless crime scene.

Even the investigation into the activites of the other people listed will yield nothing.

Why omit a Yoruba person in investigation for corruption? While their supporters are saying no Yorubanization of Nigerian government. I only advocate for people to own up to their nepotism with full chest. If you decide to be nepotistic then be proud of it and not show cowardice

Crazy stuff .
All these NNPC thieves have been sucking Nigeria dry for years . That place is a cesspool of corruption.
I remember one of my teachers in school telling us a story of how lavish the nephew of a previous NNPC GMD lived when they were in medical school .
He told us the first time he saw new 100 naira notes was at the man’s house .

See Emefiele too and the current thieves heading the place. I’m sure some new set of thieves are waiting in line to violate NNPC as usual

We can blame the leaders all we want, but they are a reflection of the people themselves.

We accept it, because we do similar, or we are cowards. Its like being on an ATM line, you won't allow someone jump the queue unless you do it yourself or fear the person.

How can we allow nonsense, for 8 years. So it means anyone entering university will be graduating and will have had children before Tinubu finishes.

Yet, people like Obi, Atiku, and Ameachi are waiting. The people who started the very destruction, are waiting to continue the destruction?

This person has not told what Mr Segun Dapo did to him exactly…

This reads like a target piece. Why is the writer so focused on this person? Why does it need to be an article in a nationwide publication especially when this paper is essence can't affect the already filed lawsuit?

I am not understanding anything here

What is Dapo Segun?

rinzaugustine:
Why omit a Yoruba person in investigation for corruption?

While their supporters are saying no Yorubanization of Nigerian government. I only advocate for people to own up to their nepotism with full chest. If you decide to be nepotistic then be proud of it and not show cowardice

What do you expect in the most tribalist Yorubalokan government of ebilokan’s APC?

The corruption and looting of Oshiomole’s Assembly of Past Criminals, APC is the worst in Nigeria. The worst!


https://www.youtube.com/watch?v=qg_1mly5Gm8?si=F-EmKhAQai1aVvCE

chisomkachy:
The Economic and Financial Crimes Commission (EFCC) has withdrawn the alleged money laundering suit it filed at the Federal High Court against Lagos Speaker Mudashiru Ajayi Obasa.

Naija News understands that the anti-graft did not give any particular reason for its application for withdrawal.

Following the application to withdraw, Justice Nicholas Oweibo discharged the ‘lien/Post No Debit’ placed on Obasa’s three accounts in Standard Chartered Bank.

The accounts are (US Dollars) 0001852063; (Current) 0001852056 and (Saving) 5002309624.

The judge also set aside the ex-parte orders he made on September 15, 2020, which led to the freezing of the accounts.

Recall that the court on September 15, 2020, granted an interim order freezing Obasa’s accounts following the EFCC’s application in a suit marked FHC/LCS/1064/2020.

The agency had said it was investigating the Speaker for the alleged offences of conspiracy, diversion of funds, abuse of office and money laundering.

But Justice Oweibo, on August 16, 2023, heard the application to unfreeze the accounts in his chamber.

During the hearing, the EFCC was represented by Mr. Sulaiman I. Sulaiman, while Obasa was represented by Mr. Adeyinka Olumide-Fusika (SAN).

The EFCC lawyer told the court that the application to unfreeze the accounts was pursuant to Section 44(2)(K) of the 1999 Constitution (as amended) and Sections 26, 29 and 34 (1) of the EFCC (Establishment) Act, 2004, and under the court’s inherent jurisdiction.

Section 44 of the Constitution concerns constitutional rights to property.

Justice Oweibo held: “It is hereby ordered that an order is hereby granted to the respondent/applicant setting aside the ex-parte orders of this court made on the 15th day of September 2020 upon the ex-parte motion of the Applicant/ Respondent in relation the funds of the Respondent/Applicant domiciled in the accounts stated in the following schedule:

“ACCOUNT NAME, FINANCIAL ACCOUNT INSTITUTIONS, TYPE OF ACCOUNT, 1. Mudasiru Ajayi Obasa, Standard Chartered, (US Dollars) 0001852063 2. Mudasiru Ajayi Obasa, Standard Chartered (Current) 0001852056 3. Mudashiru Ajayi Obasa, Standard Chartered (Saving) 5002309624.

“Issued at Lagos, under the seal of this Honourable Court and by the hands of the Presiding Judge this 16th day of August 2023.”

https://dailytimesng.com/obasa-efcc-withdraws-suit/

Previous Threads:
https://www.nairaland.com/5877642/obasa-64-bank-accounts-linked#89878603

https://wap.nairaland.com/6167844/lagos-assembly-speaker-obasa-efcc#94728150

https://www.nairaland.com/6168612/obasa-court-orders-efcc-freeze#94741534

MrDik3:
We can blame the leaders all we want, but they are a reflection of the people themselves.

We accept it, because we do similar, or we are cowards. Its like being on an ATM line, you won't allow someone jump the queue unless you do it yourself or fear the person.

How can we allow nonsense, for 8 years. So it means anyone entering university will be graduating and will have had children before Tinubu finishes.

Yet, people like Obi, Atiku, and Ameachi are waiting. The people who started the very destruction, are waiting to continue the destruction?

What do you mean by destruction in view of Wale Edun’s PDP 16 years prosperity assessment below

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

Lanretoye:
This person has not told what Mr Segun Dapo did to him exactly…

Lol. That one sef fit dey. But they need to look up the Segun guy.

That's a great foul by whoever overlooked that angle of listing this guy among the people undergoing financial investigation by EFCC.

Though, he was appointed since November last year as the CFO and not recently as the protest says.

Another thing is, the guy is a a fellow of ICAN, meaning he must done ICAN exams and passed.

Also, discovered that he worked with CHEVRON as a financial manager for sometime before moving to NNPCL.

EFCC should do their job without been Nepotical about it. If after investigation and he's found clean, which I doubt, then let him go.

I have watched the guy on TVs severally been questioned by the likes of Rural and Abati, and to be honest, the guy sounded unfit to be heading those positions he has occupied and even the current position of CFO of NNPCL.

anonimi:
What do you mean by destruction in view of Wale Edun’s PDP 16 years prosperity assessment below

Stable is misleading

You can remain in a 1 bed for years, while your mates build 3 beds, that's stable, but is that a good thing?

Talking about stable, is borrowing despite earning substantial oil revenue a good economic policy?

Stable, but entirely dependant on one source of income?

Stable, but spent billions on infrastructure, that are no use today?
Where is the Ajaokuta steel mill, where is the Kaduna and Warri refineries?

Stable my ass