EFCC Arrests Ex-NNPCL Officials Over $7.2B Refinery Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), and Jimoh Olasunkanmi, former Managing Director of Warri Refinery, over an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries. Isa was responsible for disbursing funds for the turnaround maintenance of these refineries, which have underperformed despite significant allocations. The EFCC’s investigation has expanded to include other top officials such as Tunde Bakare, current Managing Director of Warri Refinery, and former Managing Directors Ahmed Dikko and Ibrahim Onoja of Port Harcourt Refinery. The probe targets allegations of abuse of office, corruption, diversion of funds, and kickbacks from contractors linked to the refinery projects. This crackdown follows a Senate Committee on Public Accounts report highlighting alarming discrepancies amounting to over ₦210 trillion in NNPCL’s audited financial statements from 2017 to 2023. The fraudulent activities have raised broader concerns about mismanagement and the failure to revive critical national oil infrastructure.