Ex-NNPCL CFO Held Over Alleged $7.2b Refinery Fraud
The Economic and Financial Crimes Commission, EFCC, has arrested a former Chief Financial Officer, CFO, of the Nigerian National Petroleum Company Limited, Umar Ajiya Isa, over an alleged $7.2 billion fraud related to the rehabilitation of Nigeria’s major refineries.
The Economic and Financial Crimes Commission, EFCC, has arrested a former Chief Financial Officer, CFO, of the Nigerian National Petroleum Company Limited, Umar Ajiya Isa, over an alleged $7.2 billion fraud related to the rehabilitation of Nigeria’s major refineries.
EFCC sources said on Monday that Isa was being investigated over alleged abuse of office, corruption, and diversion of public funds as well as receiving kickbacks from contractors involved in the turnaround maintenance of the Port Harcourt, Kaduna, and Warri refineries.
The sources further said that the arrest was part of a sweeping probe into the mismanagement of billions of dollars allocated for refinery overhauls—a chronic issue that has plagued Nigeria’s oil sector for decades.
“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud,” the sources added.
The EFCC is reportedly scrutinizing the disbursement of:
*$1.56 billion for the Port Harcourt Refinery,
*$740 million for Kaduna Refinery, and
$656 million for Warri Refinery — totaling approximately $2.96 billion in focus so far.
As CFO, Isa was responsible for authorizing the release of funds for these rehabilitation projects.
Other top officials currently under investigation include:
Tunde Bakare, Managing Director of the Warri Refinery,
Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refinery,
Ibrahim Monday Onoja, also a former MD of the Port Harcourt Refinery,
and Jimoh Olasunkanmi, a former MD of the Warri Refinery, who is reportedly also in EFCC custody.
Spokesman of the EFCC, Dele Oyewale is yet to comment on Isa's arrest, but the
development marks a significant escalation in the ongoing probe into alleged financial misconduct in Nigeria’s petroleum sector.
“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud,” the sources added.
The EFCC is reportedly scrutinizing the disbursement of:
*$1.56 billion for the Port Harcourt Refinery,
*$740 million for Kaduna Refinery, and
$656 million for Warri Refinery — totaling approximately $2.96 billion in focus so far.
As CFO, Isa was responsible for authorizing the release of funds for these rehabilitation projects.
Other top officials currently under investigation include:
Tunde Bakare, Managing Director of the Warri Refinery,
Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refinery,
Ibrahim Monday Onoja, also a former MD of the Port Harcourt Refinery,
and Jimoh Olasunkanmi, a former MD of the Warri Refinery, who is reportedly also in EFCC custody.
Spokesman of the EFCC, Dele Oyewale is yet to comment on Isa's arrest, but the
development marks a significant escalation in the ongoing probe into alleged financial misconduct in Nigeria’s petroleum sector.
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