The Economic and Financial Crimes Commission (EFCC) has apprehended Umar Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), in connection with an alleged $7.2 billion fraud linked to the rehabilitation of three national refineries.
According to sources familiar with the investigation, Isa, who played a pivotal role in releasing funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries, is being investigated alongside Jimoh Olasunkanmi, former Managing Director of Warri Refinery, who was also arrested.
Scope of Investigation
BenriNews gathered that the investigation extends beyond the two arrested officials. Other key figures under scrutiny include Tunde Bakare, Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, another former Managing Director of the Port Harcourt Refinery.
The officials face allegations of abuse of office, corruption, diversion of funds, and receiving kickbacks from contractors involved in the refinery maintenance projects.
Senate Committee Raises Alarm
This development comes just days after the Senate Committee on Public Accounts, chaired by Aliyu Wadada, highlighted significant discrepancies involving trillions of naira in NNPCL's audited financial statements from 2017 to 2023.
The committee described these financial irregularities as "mind-boggling and worrisome" and has issued 11 queries to the NNPCL finance team, demanding responses within one week.
At the time of this report, attempts to reach EFCC spokesperson Dele Oyewale for comments were unsuccessful.
The arrests mark a significant escalation in the government's efforts to address alleged corruption within Nigeria's petroleum sector, particularly concerning the long-delayed rehabilitation of the country's refineries which have remained largely non-operational despite massive investments.
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