The Economic and Financial Crimes Commission (EFCC) has taken into custody two former top officials of the Nigerian National Petroleum Company Limited (NNPCL) in connection with an alleged $7.2 billion fraud related to refinery rehabilitation projects.
Umar Isa, former Chief Financial Officer (CFO) of NNPCL, and Jimoh Olasunkanmi, ex-Managing Director of Warri Refinery, were arrested following investigations into financial irregularities in the turnaround maintenance of Kaduna, Warri, and Port Harcourt refineries.
Sources reveal that Isa, who oversaw fund disbursements for the refinery rehabilitation projects, is being probed alongside other key officials for alleged abuse of office, fund diversion, and kickbacks from contractors. Other suspects include Tunde Bakare (current Warri Refinery MD), Ahmed Dikko, and Ibrahim Onoja (both former Port Harcourt Refinery MDs).
The arrests follow recent scrutiny by the Senate Committee on Public Accounts, which uncovered discrepancies worth trillions of naira in NNPC’s audited financial statements between 2017 and 2023. Committee Chairman Aliyu Wadada described the findings as “mind-boggling and worrisome,” issuing 11 queries to NNPC’s finance team with a one-week response ultimatum.
EFCC’s investigation focuses on alleged mismanagement of funds meant for refinery upgrades, which have remained non-functional despite billions spent on maintenance contracts. The anti-graft agency is reportedly tracing financial trails and contractor transactions linked to the projects.
Efforts to obtain official comments from EFCC spokesperson Dele Oyewale were unsuccessful at press time. The NNPCL case highlights ongoing concerns about transparency in Nigeria’s oil sector, with industry observers calling for thorough prosecution to deter similar malfeasance.
Also Read:
Abia’s major market vows to punish traders selling fake, expired products
Abia: NMA chairman urges resumption of 771 health workers’ recruitment
Tiv and Fulani communities sign peace accord in Taraba to end years of conflict
cc: Daily Post Ng
