Business
EFCC arrests ex-NNPCL officials over alleged $7.2bn refinery fraud
The Economic and Financial Crimes Commission (EFCC) has arrested key former officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the controversial turnaround maintenance of Nigeria’s three refineries in Kaduna, Warri, and Port Harcourt.
Top among those arrested is Umar Isa, the former Chief Financial Officer (CFO) of NNPCL, who was reportedly in charge of disbursing funds for the refinery rehabilitation projects. Also in EFCC custody is Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery.
The EFCC is currently investigating a network of former NNPCL executives for their roles in what is being described as one of the most audacious financial scandals in recent years. Those under investigation include:
Tunde Bakare, former Managing Director of Warri Refinery
Ahmed Dikko, former Managing Director of Port Harcourt Refinery
Ibrahim Onoja, another former Managing Director of the Port Harcourt Refinery
The suspects are being questioned over allegations of abuse of office, diversion of public funds, bribery, and the collection of kickbacks from contractors linked to the failed refinery projects.
The anti-graft agency has yet to issue an official statement. Efforts to reach EFCC spokesperson, Dele Oyewale, for confirmation were unsuccessful as of press time.
Senate Probes NNPCL’s Financial Discrepancies
The arrests come on the heels of a probe by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which recently flagged “mind-boggling” discrepancies in NNPCL’s audited financial statements spanning 2017 to 2023.
The Senate committee, in its latest session, issued 11 formal queries to the NNPCL finance team and demanded responses within a week, raising further questions about transparency and accountability in the oil giant’s operations.
Presidential Shake-Up at NNPCL
The deepening scandal follows sweeping reforms carried out by President Bola Tinubu in April 2025. In a bold move aimed at restoring credibility and improving performance at the state oil company, the president dissolved the NNPCL Board and sacked all its members, including the then Group Chief Executive Officer, Mele Kyari.
Kyari, a long-time insider who joined the NNPCL over 30 years ago, had been appointed GCEO in July 2019 by former President Muhammadu Buhari. Despite growing calls for his removal after he turned 60 in January 2025, President Tinubu initially retained him. But mounting pressure over NNPCL’s inefficiencies and financial opacity eventually forced a leadership overhaul.
Presidential spokesman Bayo Onanuga described the shake-up as “crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, and advancing economic diversification.”
New NNPCL Board Takes Over
Following the purge, Tinubu appointed a new 11-member board to steer the NNPCL under a renewed mandate. Bashir Ojulari was named the new Group Chief Executive Officer, while Ahmadu Kida was appointed as non-executive chairman.
Other members of the new board include:
Adedapo Segun
Bello Rabiu
Yusuf Usman
Babs Omotowa
Austin Avuru
David Ige
Henry Obih
Lydia Jafiya
Aminu Ahmed
The restructuring and ongoing investigations mark a pivotal moment in Nigeria’s oil and gas sector, raising hopes for long-overdue reforms, even as questions remain over the depth of corruption that plagued the previous administration at NNPCL.
