The Economic and Financial Crimes Commission has arrested Umar Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited, in connection with an alleged $7.2 billion fraud involving the rehabilitation of Nigeria’s refineries. Isa is reportedly being investigated over the release of funds for the turnaround maintenance of the Port Harcourt, Warri, and Kaduna refineries during his tenure.
Sources say the investigation covers multiple charges, including abuse of office, diversion of public funds, and kickbacks from contractors. Also in EFCC custody is Jimoh Olasunkanmi, a former managing director of the Warri Refining and Petrochemical Company.
Also Read: Senate To Probe Funds Spent On Maintenance Of Refineries Since 2010
Other officials under investigation include Tunde Bakare, current MD of the Warri Refinery; Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery; and Ibrahim Monday Onoja, also a former MD at the Port Harcourt facility. The probe follows reports of delays and controversy surrounding ongoing rehabilitation efforts.
The Port Harcourt refinery, which has a combined capacity of 210,000 barrels per day, briefly resumed operations in November 2024 but was shut down for maintenance in May. Stakeholders have raised concerns about the slow pace of work on the refineries, which continue to consume vast public funds.
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