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Five former NNPCL senior officials arrested by EFCC over multi-billion dollar refinery scandal.
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Ex-CFO, Warri and Port Harcourt Refinery MDs named in massive fraud investigation.
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Allegations linked to mismanaged funds for Kaduna, Warri, and Port Harcourt refinery rehabilitation
The Economic and Financial Crimes Commission (EFCC) has arrested five former senior executives of the Nigerian National Petroleum Company Limited (NNPCL) in connection with an alleged $7.2 billion fraud tied to the controversial rehabilitation of three refineries.
Among those detained are a former Chief Financial Officer of NNPCL, Mr Umar Isa, and a former Managing Director of Warri Refinery, Mr Jimoh Olasunkanmi. Others in custody include Mr Tunde Bakare, former MD of Warri Refinery; Mr Ahmed Dikko, former MD of Port Harcourt Refinery; and Mr Ibrahim Onoja, also a former MD of the same facility.
The arrests are part of an ongoing probe into the alleged diversion of funds, abuse of office, and kickbacks involving contracts for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries.
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According to sources familiar with the investigation, Isa was responsible for authorising the disbursement of billions of dollars for the refurbishment projects, which have yielded little to no functional output despite huge financial investments.
EFCC operatives are said to be analysing financial transactions, project reports, and contractor links as part of efforts to trace the funds and uncover the scale of the alleged looting.
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The development comes barely a week after the Senate Committee on Public Accounts raised alarm over unexplained discrepancies running into trillions of naira in NNPCL’s audited statements from 2017 to 2023. The committee issued 11 financial queries to the NNPCL finance team and demanded full responses within seven days.
EFCC spokesman, Mr Dele Oyewale, has yet to issue an official statement as of press time.
