The Economic and Financial Crimes Commission (EFCC) has arrested a former Chief Financial Officer (CFO) of NNPC Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud connected to the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.
Also in the custody of the EFCC is a former Managing Director of Warri Refinery, Jimoh Olasunkanmi.
As CFO, Isa was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance of the refineries and other NNPCL key projects are being investigated for alleged abuse of office, corruption, diversion of funds and kickbacks from contractors.
Other officials allegedly involved are the Managing Director of the Warri Refinery, Tunde Bakare; a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko; and a former Managing Director of the Port Harcourt Refinery, Ibrahim Onoja.
EFCC’s spokesperson, Mr. Dele Oyewale could not be reached for his comments.
Last week, the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, raised the alarm over discrepancies involving trillions ofoNaira in the audited financial statements of the NNPCL, describing the revelations as mind-boggling and worrisome.
The committee underscored that the concerns stem directly from the analysis of NNPCL’s audited financial statements from 2017 to 2023. The committee immediately handed over a list of 11 queries to NNPCL finance team and gave them one week to return with answers.
Having given NNPCL about two years to ramp up performance, President Bola Tinubu sacked all the Board members of the company last 2 April.
Presidential spokesman, Mr. Bayo Onanuga was unequivocal with the reasons for the restructuring, which he said was ‘crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification’.
Although some commentators described the restructuring as long overdue, others felt it was better late than never.
Significantly, the President removed the company’s Group Chief Executive Officer, Mallam Mele Kyari. One of the “star boys” bequeathed to President Tinubu by his predecessor, Muhammadu Buhari, Kyari led the oil company from 7 July 2019 until his removal on 2 April 2025.
He worked in the NNPCL for more than three decades. When he clocked 60 in January, this year. there were protesting voices demanding his removal, but the president shunned the critics and retained him.
Kyari was removed alongside NNPCL Board Chair, Chief Pius Akinyelure, as well as all other board members appointed with Akinyelure and Kyari in November 2023.
In their stead, the President appointed a new 11-man board with Bashir Ojulari as the Group CEO and Ahmadu Kida as non-executive chairman. Other Board members are Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.
