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Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has arrested Umar Isa, former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPC), in connection with a massive $7.2 billion fraud tied to the failed turnaround maintenance of Nigeria’s key refineries.
Also in custody is Jimoh Olasunkanmi, former Managing Director of the Warri Refining and Petrochemical Company. Several other former senior officials across the NNPC’s refinery operations are reportedly under investigation for alleged abuse of office, diversion of public funds, and kickbacks from contractors involved in the non-executed refinery rehabilitation projects.
According to EFCC sources, Isa is accused of overseeing the disbursement of billions of dollars and trillions of naira in funds earmarked for the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries. Despite the scale of funding, none of the refineries are operational, raising serious questions about accountability and financial management over multiple administrations.
The arrests come on the heels of revelations by the Senate Committee on Public Accounts, which recently flagged “mind-boggling” discrepancies in the audited accounts of the NNPC from 2017 to 2023. Lawmakers have expressed outrage over the apparent systemic failure in oversight and the lack of value delivered to the Nigerian public.
This case could prove pivotal in unmasking the entrenched corruption within Nigeria’s oil sector—an industry historically characterised by opaque deals, mismanagement, and chronic underperformance, despite its central role in national revenue.
The EFCC has stated that investigations are ongoing and promised to ensure that anyone found culpable will face prosecution in accordance with the law.
Oil Refineries Picture by bwdist.com
