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), in connection with an alleged $7.2 billion fraud linked to the failed rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
Also in EFCC custody is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. Both men are reportedly being investigated for their roles in the release and alleged diversion of funds earmarked for the turnaround maintenance of the three refineries.
EFCC sources said the arrests followed findings that implicated key officials of the NNPCL in cases of corruption, abuse of office, diversion of public funds, and kickbacks from contractors.
Among others under probe are:
Tunde Bakare, current Managing Director of Warri Refinery
Ahmed Dikko, former MD of Port Harcourt Refinery
Ibrahim Onoja, another former MD of Port Harcourt Refinery
While EFCC spokesperson Dele Oyewale was unavailable for comment as of press time, a top official confirmed that investigations are ongoing and more arrests could follow.
Senate Uncovers NNPCL Financial Irregularities
The arrests come just days after the Senate Committee on Public Accounts, led by Senator Aliyu Wadada, flagged trillions of naira in discrepancies in NNPCL’s audited financial reports from 2017 to 2023.
The Senate issued 11 audit queries to the NNPCL and gave its finance team a one-week ultimatum to respond. The committee described the financial records as “mind-boggling and deeply troubling.”
Tinubu Restructures NNPCL
The deepening scandal follows recent moves by President Bola Tinubu to restructure the NNPCL. On April 2, 2025, the president sacked the entire NNPCL Board, including Group Chief Executive Officer Mele Kyari, amid rising pressure and public criticism.
Kyari, who led the oil giant since 2019, was widely seen as a key figure from the Buhari administration. Though he turned 60 in January 2025 — sparking calls for his retirement — President Tinubu initially retained him before eventually letting him go.
Presidential spokesperson Bayo Onanuga said the shake-up was necessary to “enhance operational efficiency, restore investor confidence, and promote economic growth.”
Industry watchers believe the shake-up and EFCC probe may be signs of renewed efforts to tackle corruption in the oil sector, though many insist that only full transparency and prosecution will rebuild public trust.
