Nigeria, May 3 -- The Economic and Financial Crimes Commission has arrested the recently dismissed managing directors and top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.

They were taken in over suspicions of mismanaging nearly $3 billion meant for revamping the three state-owned refineries.

Investigations show that $1.55 billion was allocated to the Port Harcourt refinery, $740 million to the Kaduna refinery, and $656 million to the Warri refinery.

Sources within the Nigerian National Petroleum Company Limited revealed that one of the sacked managing directors had about N80 billion sitting in various personal bank accounts, raising further sus...