FCC arrests ex-NNPCL CFO Umar Isa over $7.2bn refinery fraud. Probe widens to top officials of Warri, Kaduna and Port Harcourt refineries
[dropcap]N[/dropcap]NPCL refinery fraud investigation has taken a dramatic turn following the arrest of a former Chief Financial Officer, Umar Ajiya Isa.
Also read: EFCC arraigns three bankers, four accomplices over alleged N8.5bn fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) detained Isa over his alleged role in the mismanagement of $7.2 billion meant for the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
The anti-graft agency is probing the disbursement of nearly $3 billion, which includes over $1.5 billion for the Port Harcourt refinery, $740 million for Kaduna, and $656 million for Warri.
According to investigators, these funds were earmarked for turnaround maintenance that failed to yield any visible improvements in the refineries’ operations.
A senior EFCC official who spoke under the condition of anonymity revealed that Isa had direct oversight of the financial transactions during his tenure.
He is being investigated for alleged abuse of office, corruption, diversion of public funds, and receiving illicit payments from contractors involved in the project.
“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries,” the official disclosed.
In addition to Isa, the EFCC has reportedly detained other high-ranking officials. These include Tunde Bakare, Managing Director of Warri Refinery;
Ahmed Adamu Dikko and Ibrahim Monday Onoja, both former Managing Directors of the Port Harcourt Refinery.
Another top executive, Jimoh Olasunkanmi, who served as MD of the Warri Refinery, is also in custody.
Sources within the commission said the arrests form part of a broader investigation into the failure of Nigeria’s state-owned refineries, which have gulped billions of dollars in turnaround maintenance without delivering fuel to the market.
Efforts to contact EFCC spokesperson Dele Oyewale for an official comment were unsuccessful as of press time.
The developments have raised public concern over accountability within the Nigerian National Petroleum Company Limited. Citizens and advocacy groups are calling for transparent prosecution and recovery of looted funds.
Also read: EFCC recovers funds, arrests suspects in N1.3 trillion CBEX ponzi scheme, Chairman Olukoyede reveals
The EFCC’s operation is expected to widen in the coming weeks, as investigators sift through years of financial records tied to major NNPCL contracts.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
