Alleged $7.2 Billion Fraud: EFCC Reportedly Arrests Ex-NNPC Chief Financial Officer

• The Economic and Financial Crimes Commission (EFCC) has reportedly arrested the ex-NNPC CFO, Umar Isa
• The purported arrest was linked to an alleged $7.2 billion linked to Nigeria’s three refineries
• The EFCC is also reportedly investigating former NNPC officials and former managing directors of the refineries

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Economic and Financial Crimes Commission (EFCC) has reportedly arrested the former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPC), Umar Ajiya Isa, over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s refineries.

Reports quote EFCC sources as saying that Isa is being investigated for alleged abuse of office, graft, diversion of public funds, and receiving kickbacks from contractors performing repairs on the Port Harcourt, Warri, and Kaduna refineries.

EFCC probes refineries’ repairs

Vanguard reports that an EFCC official anonymously said that the arrest is part of a larger probe into the mismanagement of billions of dollars allocated for the nation’s refinery repairs.

The report said the anti-graft agency is reportedly probing the disbursement of $1.56 billion for the Port Harcourt Refinery, $740 million for Kaduna Refinery, and $656 million for Warri refinery, which amounted to $2.96 billion.

Isa was reportedly responsible for authorising the funds for the repairs as NNPC’s CFO.

The list of top ex-NNPC officials under probe

Other top officials reportedly on EFCC radar include Tunde Bakare, Warri Refinery MD, Ahmed Adamu Dikko, ex-Port Harcourt Refinery MD, Ibrahim Monday Onoja, also an ex-MD of the Port Refinery, and Jimoh Olasikanmi, a former MD of the Warri Refinery.

There was no official statement from the EFCC confirming Isa’s arrest.

A prior report by Legit.ng disclosed that the EFCC allegedly arrested the sacked managing directors and some officials of the Port Harcourt, Warri and Kaduna Refineries.

The officials were arrested over the alleged misappropriation of rehabilitation funds meant for the three plants.

EFCC allegedly investigates N3bn refinery funds

According to reports, almost $3 billion is under investigation by the anti-graft agency.

The investigation allegedly showed that the EFCC is probing $1.559 billion allocated to the Port Harcourt refinery, $740.669 million released for the Kaduna refinery, and $656.963 million meant for the Warri Refinery.

The Punch reporting says that Ibrahim Onoja served as the former MD of the Port Harcourt refinery, while Efifia was the MD of the Warri plant.

N80 billion reportedly found in an MD’s account

The report quoted top management sources at the Nigerian National Petroleum Company Limited (NNPC) as saying that about N80 billion was seen in accounts belonging to one of the sacked MDs.

Additionally, operators and experts berated the state oil firm for deceiving Nigerians regarding the refineries’ operations, especially the Port Harcourt and Warri facilities, due to the poor production of petroleum products from the plants since they resumed operations in November and December last year.

The national oil company operates the three refineries. However, they have remained moribund for decades, but the Port Harcourt and Warri refineries began operations less than eight months ago.

Full list of NNPC's new petrol prices

Legit.ng earlier reported that Retail outlets under the Nigerian National Petroleum Company Limited (NNPC) have raised their pump prices to N945 per litre in Abuja, effective Monday, June 23, 2024.

They also adjusted their petrol prices to N915 per litre in Lagos, marking a new upward price review.

The state oil firm’s price review follows a similar increase by Africa’s largest Dangote Refinery, on Friday, June 20, 2025.

Source: Legit.ng