The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged $7.2 billion fraud connected to the rehabilitation of Nigeria’s ailing refineries.
According to Channels Television, sources within the anti-graft agency confirmed that Isa was picked up in Abuja following ongoing investigations into the controversial turnaround maintenance projects for the Kaduna, Warri, and Port Harcourt refineries. The projects, meant to restore operations at the state-owned facilities, have come under intense scrutiny after years of fund releases with little to no results.
Also arrested alongside Isa is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. Both men are currently in EFCC custody as investigations widen.
EFCC operatives were also said to be interrogating other top former officials linked to the refineries’ failed maintenance projects. These include Tunde Bakare, current Managing Director of the Warri Refinery; Ahmed Dikko, a former MD of the Port Harcourt Refinery; and Ibrahim Onoja, another ex-MD of the same facility.
The EFCC investigation was focusing on alleged abuse of office, massive corruption, diversion of public funds, and kickbacks from contractors involved in the rehabilitation contracts.
Isa, as CFO, was responsible for the disbursement of funds for the turnaround maintenance projects—funds that now appear to have vanished without any tangible impact on the facilities’ operational status.
Attempts to reach the EFCC spokesperson, Dele Oyewale, for official comments were unsuccessful at the time of filing this report.
Meanwhile, the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, also raised concerns over financial irregularities in NNPCL’s books. Last week, the committee flagged what it described as “mind-boggling and worrisome discrepancies” in the company’s audited financial statements from 2017 to 2023.
“The issues we discovered in NNPCL’s accounts are beyond alarming. We are talking about trillions of naira with no clear explanation,” Senator Wadada said during a recent hearing.
The Senate committee has since issued 11 audit queries to the NNPCL finance team and has given them one week ultimatum to respond with clarifications.
