The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), over 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, former Managing Director of the Warri Refinery. Isa, who oversaw fund disbursement for the refineries’ turnaround maintenance, is being investigated alongside other top officials for alleged abuse of office, fund diversion, and receiving kickbacks from contractors.
Others under investigation include Tunde Bakare, current MD of Warri Refinery; Ahmed Dikko and Ibrahim Onoja, both former MDs of Port Harcourt Refinery.
Efforts to reach EFCC spokesperson Dele Oyewale for comment were unsuccessful.
The arrests come as the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, flagged discrepancies in NNPCL’s audited financial statements from 2017 to 2023, describing them as “mind-boggling.” The committee issued 11 audit queries to the company’s finance team, demanding responses within a week.
The investigation follows President Bola Tinubu’s sweeping restructuring of NNPCL on April 2, 2025. Citing the need to enhance operational efficiency and investor confidence, Tinubu dismissed all board members, including then Group CEO Mele Kyari and Board Chair Pius Akinyelure.
Kyari, who served as GCEO from July 2019, had faced growing calls for his removal after turning 60 in January. Despite earlier resistance, the president replaced him with Bashir Ojulari as GCEO and appointed Ahmadu Kida as non-executive chairman. The new 11-member board also includes Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.
The EFCC probe adds further pressure on the restructured NNPCL amid growing scrutiny over its financial practices and stalled refinery projects.
