The Economic and Financial Crimes Commission (EFCC) has apprehended Umar Ajiya Isa, the former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), as part of an investigation into an alleged $7.2 billion fraud connected to the rehabilitation of Nigeria’s major refineries.
Sources within the EFCC confirmed on Monday that Isa is under scrutiny for suspected abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors involved in the turnaround maintenance of the Port Harcourt, Kaduna, and Warri refineries.
An EFCC official, who spoke on condition of anonymity, indicated that Isa’s arrest is a component of a broader probe into the alleged mismanagement of billions of dollars allocated for refinery overhauls—a persistent issue that has long troubled Nigeria’s vital oil sector. “Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud,” the source confirmed.
The EFCC is reportedly focusing its scrutiny on the disbursement of specific funds, including $1.56 billion for the Port Harcourt Refinery, $740 million for the Kaduna Refinery, and $656 million for the Warri Refinery—amounting to approximately $2.96 billion under initial examination.
In his capacity as CFO, Isa held the responsibility for authorizing the release of funds designated for these rehabilitation projects.
The ongoing investigation extends to other high-ranking officials. Those currently under investigation include Tunde Bakare, the Managing Director of the Warri Refinery; Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refinery; Ibrahim Monday Onoja, also a former MD of the Port Harcourt Refinery; and Jimoh Olasunkanmi, a former MD of the Warri Refinery, who is reportedly also in EFCC custody.
This development signifies a substantial escalation in the continuous probe into alleged financial misconduct within Nigeria’s petroleum sector.
