$7.2bn Fraud: Ex-NNPCL CFO in Custody Over Refinery Deal Allegations

A major corruption probe into Nigeria’s troubled oil sector has taken a new turn with the arrest of Umar Ajiya Isa, former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL). The Economic and Financial Crimes Commission (EFCC) confirmed his arrest in connection with a staggering $7.2 billion fraud allegedly linked to the rehabilitation of the country’s key refineries.

According to EFCC insiders, Isa is being investigated for corruption, abuse of office, diversion of public funds, and allegedly accepting kickbacks from contractors involved in the turnaround maintenance of the Port Harcourt, Warri, and Kaduna refineries.

While the investigations are still unfolding, an EFCC source revealed that the arrest is part of a wider crackdown on long-running financial irregularities that have hindered efforts to revive Nigeria’s refinery operations—despite billions of dollars in investments.

“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Ajiya Isa, in connection with an alleged $7.2 billion fraud,” the source said.

So far, officials are focusing on a combined $2.96 billion disbursed for refinery repairs—$1.56 billion for Port Harcourt, $740 million for Kaduna, and $656 million for Warri. As CFO, Isa reportedly oversaw and authorized the release of these funds.

The EFCC is also examining the roles of other senior figures, including:

Tunde Bakare, Managing Director of the Warri Refinery

Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery

Ibrahim Monday Onoja, also a former MD of the Port Harcourt Refinery

Jimoh Olasunkanmi, former MD of the Warri Refinery, who is also said to be in custody

The arrest of Isa represents a significant escalation in efforts to unravel what could be one of the largest financial scandals in Nigeria’s petroleum history, with implications for accountability in the handling of public funds and long-delayed refinery reforms.