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

Also in EFCC custody is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. As CFO, Isa oversaw the disbursement of funds for the turnaround maintenance of the three refineries. Both men, alongside other key officials involved in NNPCL refinery projects, are under investigation for alleged abuse of office, corruption, diversion of funds, and receipt of kickbacks from contractors.

It was gathered that others implicated include Tunde Bakare, Managing Director of Warri Refinery; Ahmed Dikko, former Managing Director of Port Harcourt Refinery; and Ibrahim Onoja, also a former Managing Director of Port Harcourt Refinery. EFCC spokesperson Dele Oyewale was unavailable for comment.

The arrests come shortly after the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, raised concerns over discrepancies involving trillions of naira in NNPCL’s audited financial statements. The committee described the revelations as “mind-boggling and worrisome”, noting that the irregularities were uncovered during an analysis of NNPCL’s audited accounts from 2017 to 2023. The committee has issued 11 queries to the NNPCL finance team and expects a response within one week.

President Bola Tinubu had earlier acted decisively, dissolving the NNPCL board on 2 April 2025, following mounting concerns over the company’s performance. Presidential spokesman Bayo Onanuga stated that the restructuring was essential to improve operational efficiency, restore investor confidence, promote local content, drive economic growth, and advance gas commercialisation.

While some observers welcomed the move as long overdue, others argued that it was a necessary, if delayed, correction.

Among those removed was Mele Kyari, who had served as Group Chief Executive Officer since July 2019, following over three decades at the NNPCL. Despite public calls for his removal when he turned 60 in January 2025, President Tinubu retained him until the sweeping April shake-up.

The president has since appointed a new 11-member board led by Group CEO Bashir Ojulari and Non-Executive Chairman Ahmadu Kida. Other board members include Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.