Ex-NNPC CFO Denies EFCC Arrest Over Alleged $7.2bn Fraud

By Adedapo Adesanya

The former Chief Finance Officer (CFO) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Umar Ajiya Isa, has denied reports of his arrest by the Economic and Financial Crimes Commission (EFCC) over an alleged $7.2 billion fraud.

In a statement on Wednesday, Mr Isa said he voluntarily submitted himself to the EFCC for questioning and was not arrested or detained.

It has been widely reported that Mr Isa was arrested in connection with alleged $7.2 billion fraud associated with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.

Mr Isa was reportedly detained by the agency along with others including a former Managing Director of Warri Refinery, Jimoh Olasunkanmi.

In his statement, Mr Isa said the claims that he was arrested by operatives of the EFCC, on Monday over “fraud is false.”

Mr Isa, who was in charge of release of funds for the Turn Around Maintenance of the three refineries, maintained that he left the NNPC with his integrity intact and has never been accused of any fraud during his tenure.

He assured that he is willing to cooperate with the EFCC at any time and defend his reputation.

“I voluntarily submitted myself to EFCC. The claims that I was arrested by operatives of the Economic and Financial Crimes Commission, on Monday over fraud is false. Contrary to the report I personally submitted myself to the commission and that at no time was I arrested in relation to an alleged $7.2 billion relating to transactions at the Warri and Port Harcourt refineries.

“Nobody arrested me for any $7.2 billion in relation to any refinery fraud. I voluntarily submitted myself for questioning to the EFCC and thereafter I went home. To see in the media stories of my arrest over fraud is unfortunate.

This development comes during a forensic audit of the national oil company ordered by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who stated that the company must increase its Dollar contributions amid Nigeria’s ongoing fiscal reforms.