ABUJA — The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, former Chief Financial Officer of the Nigerian National Petroleum Corporation (NNPC) Limited, over an alleged $7.2 billion fraud linked to the so-called “rehabilitation” of Nigeria’s moribund refineries.
Premium Times gathered on Monday that Isa was detained alongside a former Managing Director of Warri Refinery, Mr Jimoh Olasunkanmi. EFCC sources confirmed the arrests, revealing that Isa, in his capacity as CFO, was responsible for the release of funds for the long-troubled Turn Around Maintenance (TAM) of the Kaduna, Warri, and Port Harcourt refineries — facilities that have remained largely comatose despite heavy financial injections.
For years, billions of dollars have been pumped into these state-owned refineries, yet they continue to record zero production, a glaring contradiction that many see as a national scandal.
According to insider reports, Isa and other top officials are now being investigated for alleged abuse of office, diversion of public funds, and kickbacks received from contractors under the guise of refinery rehabilitation. Among those also under EFCC scrutiny are current Warri Refinery MD, Tunde Bakare; former Port Harcourt Refinery MD, Ahmed Adamu Dikko; and former PHRC MD, Ibrahim Monday Onoja.
A Systemic Scandal Years in the Making
The fresh arrests come just weeks after Premium Times reported that the EFCC had launched a sweeping investigation into former NNPC executives, including former Group Chief Executive Officers Mele Kyari and Abubakar Yar’Adua.
A confidential letter from the EFCC, dated 28 April 2025 and addressed to NNPC’s current leadership, revealed that the agency is probing the disbursement of over $2.9 billion allocated for refinery rehabilitation in recent years — a process riddled with irregularities and political meddling.
The funds under scrutiny include:
- $1.56 billion for Port Harcourt Refinery
- $740.6 million for Kaduna Refinery
- $656.9 million for Warri Refinery
Shockingly, despite these massive sums, public site visits and records show that Nigeria’s refineries remain shadows of what they were intended to be. Warri Refinery, which was ceremoniously re-opened in December 2024, was quickly shut down again in January 2025 over safety concerns. The Port Harcourt Refinery is barely scraping along at 42 percent of its capacity.
Allegations of Faked Progress, Missing Funds
Industry observers have not held back. Experts like Kelvin Emmanuel and Dan Kunle describe the so-called rehabilitation programme as a “charade,” accusing NNPC of staging fake recommissioning ceremonies while vital infrastructure like crude pipelines remain out of service.
Adding to public outrage, an investigation reportedly uncovered ₦80 billion stashed in the personal accounts of one sacked refinery MD — a staggering sum that underscores the scale of alleged graft.
Meanwhile, the Ministry of Finance has ordered a forensic audit of NNPC. Minister Wale Edun insists that NNPC must significantly increase its dollar contributions to the Nigerian economy, a demand made even more urgent amid ongoing fiscal reforms.
Labour unions and marketers are equally incensed. Both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have condemned the non-performance of the refineries. At Warri Refinery, support staff have now threatened an indefinite strike, citing poor pay and unsafe working conditions.
Closing
As the EFCC deepens its probe, the nation waits — for accountability, for justice, and for a genuine recovery of Nigeria’s ailing oil infrastructure. Until then, many Nigerians remain sceptical about the promises of a turnaround in a sector long plagued by corruption and mismanagement.
The story is still developing. Expect further updates.
