Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud linked to the rehabilitation of the nation’s refineries.
Also in custody is a former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Olasunkanmi. The arrests are part of an ongoing probe into massive financial infractions surrounding the turnaround maintenance (TAM) of the Kaduna, Warri, and Port Harcourt refineries.
Sources at the commission said Isa, as CFO, played a key role in the disbursement of funds for the TAM projects and is currently being quizzed over allegations of abuse of office, diversion of public funds, corruption, and receipt of kickbacks from contractors.
Other officials under investigation include the current Managing Director of Warri Refinery, Tunde Bakare; two former Managing Directors of Port Harcourt Refinery, Ahmed Dikko and Ibrahim Onoja.
The arrests come on the heels of a recent probe by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which uncovered staggering discrepancies in the audited financial statements of the NNPCL from 2017 to 2023.
The committee described the findings as “mind-boggling” and “deeply worrisome,” revealing that trillions of naira were unaccounted for. The panel has since handed over 11 audit queries to the NNPCL finance team, with a one-week ultimatum for a response.
The mounting financial scandals contributed to the sweeping shake-up of NNPCL’s leadership by President Bola Tinubu on April 2, 2025. The president had earlier given the company two years to improve its operations.
In what the presidency described as a move “crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation,” Tinubu relieved Mele Kyari of his duties as Group Chief Executive Officer. Kyari had led the national oil firm since July 2019 and had faced growing criticism, particularly after clocking the retirement age of 60 in January.
Also removed were the then Board Chairman, Pius Akinyelure, and all board members appointed alongside Kyari in November 2023.
In their place, Tinubu appointed a new 11-member board, with Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Other members include Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.
The EFCC is expected to make a formal statement in the coming days as investigations into the alleged fraud intensify.
