ABUJA — The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), in connection with an alleged $7.2 billion fraud related to the rehabilitation of Nigeria’s three major refineries.
According to EFCC sources, Isa is under investigation for abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors handling the turnaround maintenance of the Port Harcourt, Kaduna, and Warri refineries.
“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud,” said an EFCC official on condition of anonymity.
The EFCC is currently focusing on:
$1.56 billion disbursed for Port Harcourt Refinery
$740 million for Kaduna Refinery
$656 million for Warri Refinery
Totaling approximately $2.96 billion, these disbursements are under scrutiny as part of a broader investigation into the mismanagement of public funds earmarked for refinery overhauls—a long-standing issue within Nigeria’s oil industry.
As CFO, Isa reportedly authorized the release of the funds, placing him at the center of the financial transactions.
Other high-ranking petroleum sector officials under investigation include:
Tunde Bakare, Managing Director, Warri Refinery
Ahmed Adamu Dikko, former MD, Port Harcourt Refinery
Ibrahim Monday Onoja, former MD, Port Harcourt Refinery
Jimoh Olasunkanmi, former MD, Warri Refinery (also in EFCC custody)
Attempts to get an official statement from EFCC spokesperson Dele Oyewale were unsuccessful at the time of publication.
This arrest marks a major development in Nigeria’s ongoing battle against oil sector corruption, signaling heightened scrutiny of billions lost in failed refinery rehabilitation projects.
