EFCC Arrests Former NNPC CFO, Others Over Alleged $7.2bn Refinery Maintenance Fr@ud

 EFCC Arrests Former NNPC CFO, Others Over Alleged $7.2bn Refinery Maintenance Fr@ud

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, a former Chief Financial Officer of the Nigerian National Petroleum Corporation (NNPC) Limited, in connection with an alleged $7.2 billion fr@ud tied to the rehabilitation of Nigeria’s moribund refineries.

Sources within the EFCC confirmed on Monday that Mr Isa is being held alongside Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. The arrests are part of an ongoing investigation into the failed turnaround maintenance projects at the Kaduna, Warri, and Port Harcourt refineries all of which have consistently recorded zero output despite heavy annual funding.

As CFO, Isa was responsible for disbursing funds for these refinery projects. EFCC officials say the suspects are being investigated for alleged corruption, ab¥se of office, diversion of funds, and receipt of kickbacks from contractors.

Others under EFCC scrutiny include Tunde Bakare, current MD of the Warri Refinery; Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery; and Ibrahim Monday Onoja, also a former MD of the Port Harcourt facility.

EFCC spokesperson Dele Oyewale was unavailable for comment.

This development follows a recent revelation by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which uncovered troubling discrepancies in the NNPC Limited’s audited financial statements from 2017 to 2023. The committee described the findings as “mind-boggling” and issued 11 queries to the NNPCL finance department, demanding a response within a week.

In April 2025, President Bola Tinubu dismissed all members of the NNPCL Board, citing underperformance after nearly two years of limited results.