The Economic and Financial Crimes Commission (EFCC) has arrested five former senior officials of the Nigerian National Petroleum Corporation (NNPC) Limited in connection with an alleged $7.2 billion (approximately N11.16 trillion) fraud.
Sources revealed that the arrests are linked to the failed rehabilitation of the Kaduna, Warri, and Port Harcourt refineries, a multi-billion dollar project that has faced prolonged delays and controversy.
Among those arrested is Umar Isa, the former chief financial officer of NNPC. He is alleged to have overseen the disbursement of funds for the turnaround maintenance of the three refineries during his tenure. Also in custody is Jimoh Olasunkanmi, a former managing director of the Warri Refinery.
Other individuals under investigation include Tunde Bakare, current managing director of the Warri Refinery; Ahmed Adamu Dikko, former managing director of the Port Harcourt Refinery; and Ibrahim Monday Onoja, also a former managing director of the same facility.
Despite multiple attempts, EFCC spokesperson Dele Oyewale did not respond to calls or messages seeking an official statement on the arrests. The arrests come amid growing scrutiny of NNPC’s refinery rehabilitation efforts. The Port Harcourt Refining Company (PHRC), which operates two plants with a combined capacity of 210,000 barrels per stream day (bpsd), restarted operations at its older 60,000 bpsd plant in November 2024 after years of inactivity. However, the newer 150,000 bpsd facility has yet to resume operations.
In May, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) called on the government to expedite the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. Just days later, PHRC announced a temporary shutdown of the Port Harcourt facility for maintenance.
Meanwhile, the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, has raised alarm over discrepancies found in NNPC’s audited financial statements. Following a review of reports from 2017 to 2023, the committee issued 11 formal queries to the NNPC finance department and demanded responses within one week.
The ongoing investigations and financial concerns have reignited public debate over transparency and accountability within Nigeria’s oil sector.
