The Economic and Financial Crimes Commission (EFCC) has arrested several former senior officials of the Nigerian National Petroleum Company Limited (NNPCL) in connection with an alleged $7.2 billion fraud tied to the failed rehabilitation of the nation’s refineries.
Among those in custody is Umar Isa, a former Chief Financial Officer (CFO) of NNPCL, who, during his tenure, supervised the release of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Also arrested is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery.
The EFCC confirmed that Isa and other key officials involved in the refinery rehabilitation projects and other major contracts are under investigation for alleged abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors.
Sources within the anti-graft agency revealed that additional individuals under investigation include Tunde Bakare, current Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, another former MD of the same facility.
This development follows last week’s alarm raised by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada. The committee expressed grave concern over what it described as “mind-boggling and worrisome” discrepancies in NNPCL’s audited financial records.
According to the committee, their findings stem from an analysis of the corporation’s audited financial statements from 2017 to 2023, which revealed irregularities amounting to over ₦210 trillion.