Breaking: EFCC Arrests Top Former NNPC Financial Boss

• The EFCC has said its operatives have arrested the former chief financial officer (CFO) of NNPC Limited
• Isa's arrest was in connection with an alleged $7.2 billion fraud, which was linked to the realisation of Nigeria's refineries
• According to the EFCC, Isa and all those involved in the maintenance of the refineries and other NNPC projects are under investigation

The Economic and Financial Crime Commission (EFCC) has said it has arrested Umar Isa, the former chief financial officer (CFO) of the Nigerian National Petroleum Commission (NNPC) Limited.

Isa was reportedly arrested over the allegation of $7.2 billion fraud, which was linked to the realisation of Nigeria's refineries. These included those in Warri, Kaduna and Port Harcourt refineries. The commission also disclosed detaining the former managing director of Warri Refinery, Jimoh Olasunkanmi.

According to Channels TV, Isa was said to have been in charge of the release of funds meant for the maintenance of the three refineries. The anti-graft agency disclosed that Isa and all the key persons who are involved in the refineries' maintenance and other projects of the national oil firms are under investigation.

They were being investigated for alleged kickbacks from contractors, abuse of office, diversion of funds, and corruption. Other NNPC officials under investigation included the Warri Refinery managing director, Tunde Bakare; a former Managing Director of the Port Harcourt Refinery, Ibrahim Onoja; and a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko.

Tinubu changes NNPC leadership

This happened just two months after President Bola Tinubu announced Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the oil company. The presidency announced the shakeup in Nigeria's oil company in a statement signed by Bayo Onanuga, Tinubu's special adviser on information and strategy, in the early hours of Wednesday, April 2, 2025.

Along with Ojulari, President Tinubu also made several other appointments in the NNPC Limited management. This included Adedapo Segun, who took over the role of chief financial officer from Umaru Isa Ajiya last November and has now been named to the new board by President Tinubu.

Six board members, who are non-executive directors, represent the country's geopolitical zones. They include Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), representing North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

NNPC spokesperson resigns

Legit.ng earlier reported that the NNPC spokesperson, Olufemi Soneye, has explained the reason he stepped down from his position in Nigeria's oil firm.

In a statement, the NNPC chieftain maintained that he wanted to create time for family and other personal things.

Soneye's resignation came just two months after President Bola Tinubu appointed Bayo Ojulari as the GCEO of the oil company.

Source: Legit.ng