Ex-NNPCL CFO Umar Isa Arrested Over $7.2 Billion Refinery Fraud

Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in connection with a massive $7.2 billion fraud linked to the rehabilitation of Nigeria’s major refineries.

Also arrested is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery. Both men are being investigated for alleged corruption, diversion of public funds, abuse of office, and receiving kickbacks from contractors involved in the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries.

Isa, who oversaw fund disbursement for the refinery projects, is facing serious scrutiny alongside other key officials. Those reportedly under EFCC investigation include Tunde Bakare, current Managing Director of the Warri Refinery, and two former MDs of the Port Harcourt Refinery, Ahmed Dikko and Ibrahim Onoja.

While EFCC spokesperson Dele Oyewale has not yet issued an official statement, the arrests come amid growing pressure from the Senate, which recently flagged troubling financial discrepancies in NNPCL’s audited accounts spanning 2017 to 2023. The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, described the records as alarming and has demanded explanations for 11 audit queries, giving the NNPCL finance team one week to respond.

The development follows President Bola Tinubu’s sweeping overhaul of the NNPCL board on April 2, 2025, which saw the removal of Group Chief Executive Officer Mele Kyari and all board members. The restructuring was aimed at restoring investor confidence, improving operational efficiency, and boosting local content in the oil and gas sector.

Kyari, who had led the company since July 2019, faced mounting public pressure to resign after turning 60 in January 2025. His eventual dismissal paved the way for Tinubu to appoint Bashir Ojulari as the new Group CEO and Ahmadu Kida as the non-executive chairman, alongside a reconstituted 11-member board tasked with repositioning the state oil giant.