BREAKING: EFCC Arrests Former NNPCL Executives Over Alleged $7.2 Billion Refinery Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s refineries.
Among those arrested is Umar Isa, former Chief Financial Officer of NNPCL, who reportedly oversaw the disbursement of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, former Managing Director of Warri Refinery.
Others under investigation include Tunde Bakare, former MD of Warri Refinery; Ahmed Dikko, and Ibrahim Onoja, both former MDs of the Port Harcourt Refinery. The EFCC is probing the group for alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors.
These arrests follow revelations by the Senate Public Accounts Committee, which recently flagged trillions of naira in unaccounted funds in NNPCL’s audited financial reports from 2017 to 2023. The committee issued 11 queries and demanded responses within a week.
The development also comes months after President Bola Tinubu dissolved the NNPCL board on April 2, 2025, citing the need to restore investor confidence, improve performance, and reform the oil sector. Mele Kyari, who led the company since 2019, was among those dismissed.
A new 11-member board has since been appointed, with Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman.
EFCC spokesperson Dele Oyewale has yet to issue an official statement.
The Economic and Financial Crimes Commission (EFCC) has arrested several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s refineries.
Among those arrested is Umar Isa, former Chief Financial Officer of NNPCL, who reportedly oversaw the disbursement of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, former Managing Director of Warri Refinery.
Others under investigation include Tunde Bakare, former MD of Warri Refinery; Ahmed Dikko, and Ibrahim Onoja, both former MDs of the Port Harcourt Refinery. The EFCC is probing the group for alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors.
These arrests follow revelations by the Senate Public Accounts Committee, which recently flagged trillions of naira in unaccounted funds in NNPCL’s audited financial reports from 2017 to 2023. The committee issued 11 queries and demanded responses within a week.
The development also comes months after President Bola Tinubu dissolved the NNPCL board on April 2, 2025, citing the need to restore investor confidence, improve performance, and reform the oil sector. Mele Kyari, who led the company since 2019, was among those dismissed.
A new 11-member board has since been appointed, with Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman.
EFCC spokesperson Dele Oyewale has yet to issue an official statement.
BREAKING: EFCC Arrests Former NNPCL Executives Over Alleged $7.2 Billion Refinery Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s refineries.
Among those arrested is Umar Isa, former Chief Financial Officer of NNPCL, who reportedly oversaw the disbursement of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, former Managing Director of Warri Refinery.
Others under investigation include Tunde Bakare, former MD of Warri Refinery; Ahmed Dikko, and Ibrahim Onoja, both former MDs of the Port Harcourt Refinery. The EFCC is probing the group for alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors.
These arrests follow revelations by the Senate Public Accounts Committee, which recently flagged trillions of naira in unaccounted funds in NNPCL’s audited financial reports from 2017 to 2023. The committee issued 11 queries and demanded responses within a week.
The development also comes months after President Bola Tinubu dissolved the NNPCL board on April 2, 2025, citing the need to restore investor confidence, improve performance, and reform the oil sector. Mele Kyari, who led the company since 2019, was among those dismissed.
A new 11-member board has since been appointed, with Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman.
EFCC spokesperson Dele Oyewale has yet to issue an official statement.
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