In a sweeping anti-corruption crackdown, operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Umar Ajiya Isa, the former Chief Financial Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), in connection with an alleged $7.2 billion fraud linked to the long-delayed rehabilitation of Nigeria’s refineries.
It was gathered that the investigation centers around the questionable disbursement and management of funds allocated for the refurbishment of the Port Harcourt, Warri, and Kaduna refineries — projects that have seen billions spent with minimal progress.
At the heart of the probe is a staggering $2.95 billion in alleged misappropriated funds:
$1.56 billion earmarked for the Port Harcourt Refinery
$740 million allocated to the Kaduna Refinery
$656 million designated for the Warri Refinery
According to EFCC insiders, Isa played a central role in overseeing the financial transactions related to the controversial turnaround maintenance schemes.
He is being investigated for alleged abuse of office, corruption, diversion of public funds, and receipt of illicit kickbacks from contractors involved in the projects.
The crackdown has widened, with other high-profile arrests already made. Among those in EFCC custody is Jimoh Olasunkanmi, former Managing Director of the Warri Refinery.
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Additional names under investigation include:
Tunde Bakare, current MD of Warri Refinery
Ahmed Adamu Dikko, ex-MD of Port Harcourt Refinery
Ibrahim Monday Onoja, another former MD of the Port Harcourt facility
“This investigation is just beginning,” a senior EFCC official said under condition of anonymity. “What we’re uncovering points to deep-rooted rot in how public funds were disbursed and mismanaged under the guise of refinery rehabilitation.”
Efforts to reach EFCC spokesperson Dele Oyewale for official comment were unsuccessful as of press time.
The arrests mark a significant move by the anti-graft agency amid growing national frustration over Nigeria’s perpetually underperforming refineries — all of which have gulped billions in maintenance costs without returning to full operational status.