The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), in connection with a staggering $7.2 billion scandal linked to the failed rehabilitation of Nigeria’s state-owned refineries.
Isa, alongside Jimoh Olasunkanmi, former MD of the Warri Refinery, was apprehended in Abuja amid an expanding investigation into the misuse of funds allocated for turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Despite years of funding, none of the facilities are operational.
Other top former and serving officials under investigation include Tunde Bakare (current MD, Warri Refinery), Ahmed Dikko (ex-MD, Port Harcourt Refinery), and Ibrahim Onoja (another ex-MD of Port Harcourt Refinery). The EFCC is probing allegations of abuse of office, kickbacks, and diversion of public funds.
The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, also raised alarm last week over “mind-boggling” discrepancies in NNPCL’s financial statements from 2017 to 2023. The committee issued 11 audit queries and demanded explanations within one week, further intensifying pressure on the oil corporation’s leadership.
EFCC ARRESTS EX-NNPCL CFO, OTHERS OVER $7.2 BILLION REFINERY FRAUD
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