EFCC Arrests Former NNPC CFO, Others Over Alleged $7.2bn Refineries Fraud

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has arrested a number of officials formerly tied to the Nigerian National Petroleum Company (NNPC) Limited over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.

The former Chief Financial Officer (CFO) of the national oil company, Mr Umar Isa, alongside a former Managing Director of Warri Refinery, Mr Jimoh Olasunkanmi; the Managing Director of the Warri Refinery, Mr Tunde Bakare; a former Managing Director of the Port Harcourt Refinery, Mr Ahmed Dikko; and a former Managing Director of the Port Harcourt Refinery, Mr Ibrahim Onoja.

Mr Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries.

He and all the key officials involved in the maintenance of the refineries and other NNPC key projects are being investigated for alleged abuse of office, corruption, diversion of funds and kickbacks from contractors.

Last week, the Senate Committee on Public Accounts, chaired by Mr Aliyu Wadada, raised the alarm over discrepancies involving trillions of Naira in the audited financial statements of the NNPC Limited, describing the revelations as mind-boggling and worrisome.

The lawmakers also expressed worries about other institutions like the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI), noting that loopholes were detected during an analysis of NNPC’s audited financial statements from 2017 to 2023.

The committee immediately handed over a list of 11 queries to NNPC finance team and gave them one week to return with answers.

The development has so far not mentioned the former chief executive of the company, Mr Mele Kyari, who was removed by President Bola Tinubu in April

President Tinubu removed Mr Kyari, alongside NNPC Limited’s board bhairman, Mr Pius Akinyelure, as well as all other board members appointed in November 2023.

In their stead, the president appointed a new 11-man board with Mr Bashir Ojulari as the CEO and Mr Ahmadu Kida as non-executive chairman. Other board members are Mr Adedapo Segun, Mr Bello Rabiu, Mr Yusuf Usman, Mr Babs Omotowa, Mr Austin Avuru, Mr David Ige, Mr Henry Obih, Mr Lydia Jafiya, and Mr Aminu Ahmed.