EFCC Arrests Former NNPCL Top Officials Over Alleged $7.2bn Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, the former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over alleged fraud worth $7.2 billion.

It was gathered that the arrest is linked to funds meant for the overhaul of three refineries—Kaduna, Warri, and Port Harcourt.

Also in EFCC custody is Jimoh Olasunkanmi, the former Managing Director of the Warri Refinery.

During his time as CFO, Umar Isa oversaw the disbursement of funds for the turnaround maintenance of the refineries.

He and several other top officials involved in the projects are now under investigation for alleged corruption, abuse of office, fund mismanagement, and collecting kickbacks from contractors.

Others reportedly under investigation include Tunde Bakare, current MD of the Warri Refinery; Ahmed Dikko and Ibrahim Onoja, both former MDs of the Port Harcourt Refinery.

EFCC spokesperson Dele Oyewale was not available for comment.

This development comes just days after the Senate Committee on Public Accounts flagged serious issues in NNPCL’s finances.

The committee, led by Senator Aliyu Wadada, said there were alarming irregularities involving trillions of naira in the company’s financial records between 2017 and 2023.

The Senate issued a list of 11 queries to NNPCL finance team and gave them one week to return with answers.

KanyiDaily recalls that President Bola Tinubu recently inaugurated the board and executive management team of the NNPCL, seven weeks after their appointment on April 2, 2025.