The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over his alleged involvement in a $7.2 billion financial scandal tied to the rehabilitation of Nigeria’s three major refineries in Kaduna, Warri, and Port Harcourt.
Also detained by the EFCC is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. According to sources close to the investigation, both men are being held over allegations of abuse of office, diversion of public funds, and corruption. Isa, as the CFO of NNPCL, played a pivotal role in the disbursement of funds earmarked for the turnaround maintenance of the refineries, funds which are now under intense scrutiny.
Other individuals implicated in the investigation include Tunde Bakare, the current Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, who also previously led the Port Harcourt facility. These individuals are being questioned as part of a broader probe into allegations of kickbacks, unauthorized payments, and irregularities in key NNPCL projects.
The EFCC has yet to release an official statement, and the agency’s spokesperson, Dele Oyewale, could not be reached for comments as of the time of reporting.
This development comes amid mounting pressure on NNPCL from the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada. Just last week, the committee raised grave concerns about the corporation’s audited financial statements between 2017 and 2023, noting discrepancies that span into trillions of naira. Senator Wadada described the findings as “mind-boggling and worrisome,” prompting an urgent inquiry.
In response, the committee handed over a list of 11 audit queries to the NNPCL finance team, instructing them to return within a week with detailed responses. The unfolding investigation by both the EFCC and the Senate signals a renewed governmental effort to hold senior officials accountable and enforce transparency in the country’s oil sector.
The controversial refinery rehabilitation project has long drawn public criticism, as the facilities have remained largely non-operational despite massive budgetary allocations over the years. With these recent arrests, the EFCC appears to be tightening its grip on a scandal that has come to symbolize Nigeria’s long-standing challenges in the management of its oil infrastructure.
What you should know
Former NNPCL CFO Umar Isa and other top executives have been arrested by the EFCC over a $7.2 billion fraud linked to refinery maintenance.
The arrests follow Senate concerns over massive financial discrepancies in NNPCL’s audited accounts from 2017–2023, prompting a broader investigation into corruption, fund diversion, and abuse of office.
