Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has arrested top former officials of the Nigerian National Petroleum Company Limited (NNPCL) in connection with an alleged $7.2 billion fraud linked to the failed rehabilitation of the nation’s three major refineries.

At the center of the investigation is Umar Isa, former Chief Financial Officer of the NNPCL, who was taken into custody by EFCC operatives over suspected large-scale corruption, abuse of office, and diversion of public funds. Also arrested is Jimoh Olasunkanmi, who previously served as Managing Director of the Warri Refinery.

The arrests are part of a broader probe into financial misconduct surrounding the turnaround maintenance projects of the Kaduna, Warri, and Port Harcourt refineries—projects that received billions in funding but failed to deliver operational results.

WafricNews gathered that Isa was directly responsible for the release and oversight of funds for the refinery projects. Investigators believe large sums were misappropriated through inflated contracts and kickbacks from contractors.

Other high-ranking figures under EFCC investigation include:

Efforts to reach EFCC spokesperson Dele Oyewale for comment were unsuccessful as of press time.

The arrests follow mounting pressure from the Senate Committee on Public Accounts, which recently raised serious concerns over discrepancies in the NNPCL’s audited financial statements spanning 2017 to 2023. Committee Chairman, Senator Aliyu Wadada, described the findings as “mind-boggling,” noting that they expose systemic rot in the company’s financial records.

The committee handed down 11 audit queries to the NNPCL’s finance team, demanding comprehensive responses within a week. The revelations have fueled public outrage over the years-long mismanagement of the refineries, which remain non-functional despite repeated multi-billion-dollar intervention efforts.

President Bola Tinubu’s recent overhaul of the NNPCL board was seen by many as a direct response to the deepening scandal. On April 2, 2025, the President dismissed Mele Kyari, Group CEO of NNPCL, along with Board Chairman Pius Akinyelure and the entire board appointed in 2023.

Presidential spokesperson Bayo Onanuga said the restructuring was intended to “boost operational efficiency, restore investor confidence, drive local content, and fast-track gas commercialisation.”

Though some industry observers welcomed the move as long overdue, others noted that decisive action—even if delayed—could still mark a turning point for Nigeria’s struggling energy sector.

Kyari, who spent over 30 years in the NNPCL and reached retirement age in January 2025, had faced growing calls for his removal before he was eventually let go. His ouster came amid increasing scrutiny of the company's transparency and performance under his leadership.

President Tinubu has since appointed a new 11-member NNPCL board to steer the company in a new direction. The board is led by:

Other board members include Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.

As the EFCC deepens its investigations, public and investor confidence in the NNPCL remains shaky. Many now await the outcome of the probe, hoping it will mark the beginning of greater accountability in Nigeria’s oil sector.


By WafricNews Desk.