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 tied to the controversial turnaround maintenance of Nigeria’s three major refineries.
Isa, who reportedly oversaw the disbursement of funds for the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries, was picked up alongside Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery.
EFCC sources revealed that Isa and several other high-ranking officials connected to key NNPCL projects are being investigated for alleged corruption, diversion of public funds, abuse of office, and receiving kickbacks from contractors.
Among those also under investigation are 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 MD.
As of press time, EFCC spokesperson Dele Oyewale had yet to issue an official statement on the arrests.
This development follows a recent alarm raised by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, over staggering discrepancies in the NNPCL’s audited financial statements from 2017 to 2023. The committee described the revelations as “deeply troubling,” pointing to trillions of naira in questionable transactions.
The Senate has since issued 11 formal queries to NNPCL’s finance team and demanded a response within one week.
This latest arrest marks a significant escalation in the government’s renewed anti-corruption drive, particularly targeting the oil and gas sector—long viewed as the epicenter of public sector mismanagement.
