EFCC Arrests Former NNPCL Official Over Alleged $7.2 Billion Refinery Fraud

EFCC Arrests Former NNPCL Official Over Alleged $7.2 Billion Refinery Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged \$7.2 billion fraud tied to the rehabilitation of Nigeria’s Kaduna, Warri, and Port Harcourt refineries.

Isa was responsible for overseeing the disbursement of funds earmarked for the turnaround maintenance of the three refineries. His arrest marks a significant development in an ongoing probe into alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors handling major NNPCL projects.

Also in EFCC custody is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. Other officials under investigation include Tunde Bakare, current Managing Director of the Warri Refinery; Ahmed Dikko, former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, another former Port Harcourt Refinery head.

The EFCC has not yet issued an official statement regarding the arrests. Spokesperson Dele Oyewale could not be reached for comment.

The arrests come on the heels of a warning last week by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which raised alarms over discrepancies in NNPCL’s audited financial reports from 2017 to 2023. The committee described the findings as “mind-boggling and worrisome,” highlighting concerns over trillions of naira in unaccounted funds. The Senate has issued 11 queries to the NNPCL finance team and given them one week to respond.