EFCC Arrests Former NNPCL CFO Umar Isa Over $7.2 Billion Refinery Rehabilitation Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), in connection with an alleged $7.2 billion fraud tied to the rehabilitation of Nigeria’s major oil refineries.
Isa was detained on Monday, alongside Jimoh Olasunkanmi, former Managing Director of Warri Refinery, as the EFCC intensifies its investigation into suspected large-scale corruption within NNPCL’s long-troubled refinery upgrade programmes.
The EFCC’s probe focuses on the disbursement and management of billions of dollars earmarked for the rehabilitation of Nigeria’s three state-owned refineries in Port Harcourt, Kaduna, and Warri A total of $2.96 billion has already come under forensic scrutiny, including $1.56 billion allocated for the Port Harcourt Refinery, $740.7 million for the Kaduna Refinery, and $656.9 million for the Warri Refinery.
Sources within the commission disclosed that Umar Isa, during his tenure as CFO, played a key role in approving and disbursing funds for the turnaround maintenance contracts. Investigators believe significant portions of these funds were either misappropriated or routed through inflated contracts and kickbacks.
In addition to Isa and Olasunkanmi, the EFCC is also investigating other former senior officials of the refineries. These include Ahmed Adamu Dikko and Ibrahim Monday Onoja, both former Managing Directors of the Port Harcourt Refinery, as well as Tunde Bakare, Managing Director of Warri Refinery. These individuals are being questioned over alleged offenses, including abuse of office, diversion of public funds, collusion with contractors, and financial mismanagement.
The arrests come amid growing national frustration over the state of Nigeria’s oil refineries, which, despite repeated budget allocations for rehabilitation, have remained largely non-functional. Though massive funds have been committed to the turnaround projects over the years, none of the refineries are currently operating at commercial capacity.
This latest development is part of a broader anti-corruption effort being driven by the Tinubu administration, with support from Finance Minister Wale Edun, who earlier this year ordered a comprehensive forensic audit of NNPCL and its subsidiaries. The aim is to ensure accountability in government-linked enterprises and recover mismanaged public funds.
The EFCC is expected to file formal charges once investigations are concluded. Meanwhile, public pressure is mounting on the government to not only prosecute those found culpable but to overhaul the procurement and oversight processes that enabled such scale of alleged fraud.
“This is a clear message to public officers and corporate managers of state assets that impunity will no longer be tolerated.”
The agency also hinted that the investigation may expand to cover former Group Managing Directors of NNPCL and other executives involved in refinery operations over the last decade.
As the investigation unfolds, stakeholders in the oil and gas industry and civil society groups have welcomed the development as a necessary step toward transparency and accountability in Nigeria’s most critical sector.
