EFCC Arrests Former NNPCL CFO and Others Over $7.2 Billion Refinery Fraud
The Economic and Financial Crimes Commission (EFCC) has apprehended Umar Isa, a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged $7.2 billion fraud tied to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery, is also in EFCC custody. Investigations are underway into Isa’s role in the release of funds for the turnaround maintenance of the three refineries, along with allegations of abuse of office, corruption, diversion of funds, and kickbacks involving other key officials.
Among those under investigation are Tunde Bakare, Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, another former Managing Director of the same facility. EFCC spokesperson Dele Oyewale was unavailable for comment.
This development follows recent concerns raised by the Senate Committee on Public Accounts, chaired by Aliyu Wadada, over discrepancies in NNPCL’s audited financial statements between 2017 and 2023. The committee described the findings as alarming and issued 11 queries to the NNPCL finance team, demanding responses within a week.
Meanwhile, on April 2, 2025, President Bola Tinubu dismissed all NNPCL board members, citing the need for improved efficiency, enhanced investor confidence, local content advancement, and economic growth. The restructuring also targeted gas commercialization and diversification.
The president’s action led to the removal of Mele Kyari as Group Chief Executive Officer. Kyari, who had served in various NNPCL roles for over three decades, was initially retained by Tinubu despite protests over his continued tenure after turning 60 in January 2025. Alongside Kyari, Board Chair Pius Akinyelure and other board members appointed in November 2023 were also relieved of their duties.
In their place, President Tinubu inaugurated a new 11-member board, naming Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman. The new board includes Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.
The shake-up has drawn mixed reactions, with some praising it as overdue while others viewed it as a necessary albeit delayed move.