The Economic and Financial Crimes Commission (EFCC) has taken into custody a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, in connection with a staggering $7.2 billion fraud.
The case centers on the failed turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Isa, during his tenure, was responsible for overseeing the release of funds meant for the rehabilitation of these critical national assets.
Alongside Isa, the EFCC also detained a former Managing Director of the Warri Refinery, Jimoh Olasunkanmi. Their arrests are part of a broader probe into the alleged mismanagement of funds, abuse of office, and suspected kickbacks linked to major NNPCL projects. Sources revealed that other former top officials, including Tunde Bakare, Ahmed Dikko, and Ibrahim Onoja, are also under scrutiny for their roles in the refinery contracts.
Investigators are said to be unraveling complex layers of suspected financial irregularities tied to contracts awarded for the refineries’ maintenance. According to an insider, “The investigation is focusing on how funds were allocated and possibly diverted, and whether contractors delivered on their obligations.” The EFCC has yet to release an official statement, as attempts to reach its spokesperson, Dele Oyewale, were unsuccessful at the time of this report.
This development comes on the heels of the Senate Committee on Public Accounts raising serious concerns over financial discrepancies in the NNPCL’s books. Led by Senator Aliyu Wadada, the committee recently described the irregularities uncovered in the corporation’s audited statements between 2017 and 2023 as “mind-boggling and worrisome.” The lawmakers have demanded clarifications on 11 specific queries sent to the NNPCL’s finance team.
The unfolding investigation highlights longstanding concerns over accountability in Nigeria’s oil sector. As the EFCC deepens its inquiry, stakeholders are calling for transparency and swift justice to restore public confidence. The Senate has given the NNPCL one week to respond to the queries, as pressure mounts for answers on how trillions of naira have been managed over the years.
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