EFCC Arrests Former NNPC CFO in $7.2bn Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has detained Umar Isa, a former Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited, in connection with an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

The EFCC has also taken into custody Jimoh Olasunkanmi, a former Managing Director of the Warri Refinery.

During his tenure as CFO, Isa oversaw the disbursement of funds for the turnaround maintenance of the three refineries.

He and other senior officials connected to refinery maintenance and major NNPC projects are under investigation for alleged misconduct, including abuse of office, corruption, embezzlement of funds, and receiving kickbacks from contractors.

Others implicated in the investigation include Tunde Bakare, current Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and his predecessor, Ibrahim Onoja.

SOURCE: Business Day