EFCC Arrests Ex-NNPCL CFO Over Alleged $7.2bn Refinery Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), in connection with a $7.2 billion fraud scandal linked to the rehabilitation of Nigeria’s Kaduna, Warri, and Port Harcourt refineries.

According to PUNCH, the arrest is part of an ongoing probe into allegations of large-scale financial mismanagement involving the disbursement of over $2.95 billion earmarked for refinery overhauls.

Breakdown of the disbursed funds under investigation includes:

• $1.56 billion for Port Harcourt refinery

• $740 million for Kaduna refinery

• $656 million for Warri refinery

An EFCC source revealed that Isa was detained for alleged abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors during his tenure.

“As CFO, Isa supervised the release of these funds under the guise of Turn Around Maintenance for the refineries,” the source said.

Investigators are also questioning several other high-ranking officials involved in NNPCL projects. Among them is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery, who is now also in EFCC custody.

“We have arrested both Isa and Olasunkanmi. More arrests may follow as the investigation progresses,” another official disclosed.

At press time, EFCC spokesperson Dele Oyewale could not be reached for comments.

The arrest follows months of exclusive reporting on the controversial refinery rehabilitation efforts, where billions in public funds were allocated but with little to show in terms of actual turnaround results. The case could lead to one of the most significant anti-graft trials in the oil and gas sector.