By Chidiebere Ndukwe
family online news
The Economic and Financial Crimes Commission (EFCC) has arrested two former officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
According to reports, Umar Isa, a former Chief Financial Officer of NNPCL, and Jimoh Olasunkanmi, a former Managing Director of Warri Refinery, are currently in EFCC custody. The arrests are part of an ongoing investigation into allegations of abuse of office, corruption, diversion of funds, and receiving kickbacks from contractors.
Other key officials under investigation include Tunde Bakare, Managing Director of the Warri Refinery, and two former Managing Directors of Port Harcourt Refinery, Ahmed Dikko and Ibrahim Onoja.
This development comes on the heels of a Senate Committee on Public Accounts report that raised concerns about alarming financial discrepancies involving trillions of naira in NNPCL's audited accounts from 2017 to 2023. The Senate described the financial records as disturbing and demanded explanations for 11 audit queries.
The EFCC's investigation and arrests are seen as a significant step towards ensuring accountability and transparency in the oil sector. The recent sack of the entire NNPCL Board, including the Group Chief Executive Officer Mele Kyari, by President Bola Tinubu on April 2, 2025, may also be linked to these developments.
Stay tuned for further updates on this developing story.
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