The Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, a former chief financial officer (CFO) of the Nigerian National Petroleum Company (NNPC) Limited.
TheCable understands that the arrest was related to an alleged $7.2 billion fraud connected to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
Isa, who oversaw the release of funds for the turnaround maintenance of the three refineries during his tenure as CFO, is reportedly under investigation along with other key officials for alleged abuse of office, corruption, fund diversion, and kickbacks from contractors.
Jimoh Olasunkanmi, an ex-managing director of Warri refinery, is also in the commission’s custody, according to sources close to the development.
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“Others under investigation include Tunde Bakare, managing director of Warri Refinery; Ahmed Adamu Dikko, former managing director of Port Harcourt Refinery; and Ibrahim Monday Onoja, former managing director of Port Harcourt Refinery,” a source said.
TheCable had reported that the NNPC was struggling to conclude the turnaround maintenance at the Port Harcourt refinery.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old plant, with a capacity of 60,000 barrels per stream day (bpsd), and a new facility, with an installed capacity of 150,000 bpsd — bringing the refinery’s combined crude processing capacity to 210,000 bpsd.
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On November 26, 2024, the old plant commenced crude oil processing after several years of being moribund.
A month later, the NNPC denied claims that the refinery had been shut down.
On May 19, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) demanded the completion of rehabilitation works on the new Port Harcourt refinery, as well as Warri and Kaduna refineries.
Five days later, the PHRC announced that the refinery would shut down for maintenance.
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