Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud tied to the rehabilitation of Nigeria’s ailing refineries.
According to sources within the anti-graft agency, Isa was apprehended over his alleged role in the disbursement and mismanagement of funds earmarked for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries.
The EFCC is currently probing a total of $2,956,872,622.36 released for the refinery rehabilitation projects. The breakdown of the disbursed funds includes $1,559,239,084.36 for the Port Harcourt Refinery, $740,669,600 for the Kaduna Refinery, and $656,963,938 for the Warri Refinery.
A senior official at the commission, who spoke on condition of anonymity, confirmed Isa’s arrest and stated that multiple former and serving NNPCL officials are under investigation for corruption, abuse of office, diversion of public funds, and receiving kickbacks from contractors.
“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 revealed.
He added, “As CFO, Isa oversaw the release of funds for the turnaround maintenance of the three refineries. All key officials involved in these projects are being investigated.”
Others reportedly under EFCC scrutiny include Tunde Bakare, Managing Director of Warri Refinery; Ahmed Adamu Dikko and Ibrahim Monday Onoja, both former Managing Directors of the Port Harcourt Refinery.
In a further development, another EFCC source confirmed the arrest of the former Managing Director of the Warri Refinery, Jimoh Olasunkanmi, who is currently in custody.
“Yes, it is true. We have arrested Isa. We also have in our custody the former MD of the Warri Refinery, Jimoh Olasunkanmi,” the source said.
As of the time of filing this report, efforts to reach EFCC spokesperson Dele Oyewale for official comments were unsuccessful
