EFCC arrests ex-NNPCL top official over alleged $7.2bn fraud

The Economic and Financial Crimes Commission (EFCC) has taken into custody Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited. He is allegedly connected to an enormous $7.2 billion fraud associated with the unsuccessful rehabilitation of Nigeria's refineries.

According to Channels Television, sources within the EFCC have confirmed that Isa was detained in Abuja as part of an ongoing investigation into the controversial turnaround maintenance (TAM) projects at the Kaduna, Warri, and Port Harcourt refineries.

These projects aimed to rejuvenate the long-inactive state-owned facilities. However, even after significant financial investments over several years, the refineries largely remain non-operational.

Also arrested with Isa is Jimoh Olasunkanmi, the former Managing Director of the Warri Refinery. Both individuals are currently in EFCC custody as investigations expand.

EFCC operatives are reportedly questioning additional high-ranking former officials associated with the unsuccessful maintenance projects at the refineries. Among those being interrogated are Tunde Bakare, who is currently serving as Managing Director of the Warri Refinery; Ahmed Dikko, a past MD of the Port Harcourt Refinery; and Ibrahim Onoja, another former MD from that facility.

The EFCC investigation concentrated on suspected abuses of office, extensive corruption, misappropriation of public funds, and kickbacks from contractors engaged in the rehabilitation projects.

As the CFO, Isa was in charge of distributing funds for the turnaround maintenance projects; however, these funds seem to have disappeared without making a noticeable difference in improving the facilities' operational status.

Efforts to contact Dele Oyewale, the EFCC spokesperson, for an official comment were unsuccessful when this report was submitted.

At the same time, the Senate Committee on Public Accounts, led by Senator Aliyu Wadada, expressed apprehensions regarding financial inconsistencies in NNPCL's records. The previous week, the committee highlighted what they referred to as "astonishing and troubling discrepancies" in the company's audited financial statements from 2017 through 2023.

"The problems we found in NNPCL's accounts are extremely concerning," Senator Wadada stated during a recent hearing. "We are dealing with trillions of naira without any clear explanation."

The Senate committee has issued 11 audit queries to the NNPCL finance team and given them a one-week deadline to provide clarifications.

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