The Economic and Financial Crimes Commission (EFCC) has arrested a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud linked to the failed rehabilitation of Nigeria’s three major refineries in Port Harcourt, Kaduna, and Warri.
Sources within the anti-graft agency confirmed that Isa is being investigated for his alleged role in the disbursement and possible misappropriation of billions of dollars earmarked for the turnaround maintenance of the refineries.
According to credible EFCC insiders who spoke on condition of anonymity, the total amount under scrutiny is $2,956,872,622.36.
Specifically, $1.56 billion was reportedly allocated for the Port Harcourt refinery, $740.6 million for Kaduna refinery, and $656.9 million for Warri refinery.
“As CFO, Ajiya Isa was responsible for overseeing the release of funds for the rehabilitation projects. Investigations suggest massive abuse of office, diversion of public funds, and receipt of kickbacks by officials involved,” the source said.
In a fresh twist to the case, the former Managing Director of Warri Refining and Petrochemical Company, Jimoh Olasunkanmi, has also been arrested.
His arrest reportedly followed emerging leads connecting him to alleged financial infractions during his tenure.
Additional key figures under investigation include Tunde Bakare, the incumbent MD of Warri Refinery; Ahmed Adamu Dikko, former MD of Port Harcourt Refinery; and Ibrahim Monday Onoja, another ex-MD of the Port Harcourt plant.
“The EFCC is widening its net to include all NNPCL executives and contractors who had hands in the turnaround maintenance projects, many of which gulped billions of dollars with little or no result to show,” another source added.
As of press time, EFCC spokesperson Dele Oyewale had not responded to requests for official confirmation or comment.
The development has renewed public scrutiny of the NNPCL’s handling of Nigeria’s aging refineries, which have remained comatose despite repeated assurances by successive governments of their rehabilitation.
PLATFORM TIMES recalls that the NNPCL, under previous administrations, approved multiple multi-billion-dollar contracts for refinery rehabilitation.
However, none of the refineries is currently functional, raising serious concerns over accountability in the oil and gas sector.
The EFCC has vowed to pursue the investigation to a logical conclusion, as Nigerians await answers on the whereabouts of the colossal funds spent on unproductive refinery projects.
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