EFCC Arrests Former NNPCL CFO, Refinery Chiefs Over $7.2bn Fraud Allegation

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 his alleged involvement in a $7.2 billion fraud connected to the failed rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

Isa’s arrest is part of an ongoing probe into the disbursement of over $2.9 billion earmarked for the turnaround maintenance of the three refineries. Investigators are specifically scrutinising the release of $1.55 billion for the Port Harcourt refinery, $740.6 million for Kaduna, and $656.9 million for Warri.

A senior EFCC official who requested anonymity confirmed Isa’s arrest on Monday, stating that he is under investigation for alleged abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors.

“As CFO, Isa was responsible for overseeing the disbursement of funds for refinery rehabilitation. He is being questioned alongside other top officials involved in the process,” the official said.

Among those also being probed are Tunde Bakare, Managing Director of the Warri Refining and Petrochemical Company; Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery; and Ibrahim Monday Onoja, another former Port Harcourt MD.

In addition, a second source confirmed the arrest of Jimoh Olasunkanmi, another former MD of the Warri Refinery, in connection with the same investigation.

Efforts to reach EFCC spokesperson Dele Oyewale for an official response were unsuccessful as of the time of filing this report.