In a significant development that has sent shockwaves through Nigeria’s oil and gas sector, the Economic and Financial Crimes Commission (EFCC) has apprehended Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), over allegations of a monumental $7.2 billion fraud linked to the failed rehabilitation of key refineries across the country. 

Sources within the EFCC disclosed that Isa was arrested in Abuja late 2 nights ago as part of an ongoing investigation into the controversial turnaround maintenance contracts that involve Nigeria’s Kaduna, Warri, and Port Harcourt refineries. These projects, initiated years ago with the aim of restoring the operational efficiency of Nigeria’s aging oil refineries, have become embroiled in allegations of massive corruption, fund misappropriation, and administrative negligence. Despite substantial releases of public funds, the refineries remain largely non-operational, fueling suspicion of a systematic siphoning of billions of dollars.

The arrest extends beyond Isa; Jimoh Olasunkanmi, who previously served as Managing Director of the Warri Refinery, was also taken into custody. Both men are currently being held as EFCC investigators expand their probe into the malfeasance surrounding the projects. 

Investigative efforts are reportedly focusing on a broader network of high-ranking officials connected to the refineries' rehabilitation efforts. Among those interrogated are Tunde Bakare, the current Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and Ibrahim Onoja, another former MD of the Port Harcourt facility. 

Preliminary findings suggest that the accused are being examined for abuse of office, diversion of public funds into private coffers, receipt of kickbacks from contractors involved in the refinery upgrades, and other forms of corruption. Isa, in his capacity as CFO, was responsible for the disbursement and management of the funds allocated for the turnaround projects, which, according to officials, have allegedly gone missing without yielding any meaningful improvement to the facilities’ operational statuses. 

Attempts to obtain official comments from EFCC spokesperson Dele Oyewale were unsuccessful at the time of this report, as the agency continues to tighten its investigation. 

Meanwhile, the scandal has drawn the attention of the Senate Committee on Public Accounts. Chaired by Senator Aliyu Wadada, the committee has expressed grave concern over what it describes as “mind-boggling and worrisome discrepancies” in NNPCL’s financial records from 2017 to 2023. During a recent hearing, Senator Wadada emphasized the alarming nature of the financial irregularities, revealing that trillions of naira appear to be unaccounted for, with no clear explanation provided by the company’s finance management.

In response, the Senate committee has issued 11 audit queries to the NNPCL’s finance team, demanding comprehensive explanations within a one-week deadline. The unfolding investigations and the arrest of top officials highlight the gravity of Nigeria’s ongoing struggle to combat corruption in its oil and gas industry, raising questions about transparency, accountability, and the future integrity of Nigeria’s critical energy infrastructure.