Leadnaija
The Economic and Financial Crimes Commission (EFCC) has 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 linked to the controversial rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
Sources within the anti-graft agency confirmed that Isa was taken into custody on Monday following a series of investigations into alleged financial irregularities surrounding multi-billion dollar payments approved for refinery revamp projects between 2020 and 2022.
A senior EFCC official, who spoke on condition of anonymity, disclosed that preliminary findings uncovered “massive discrepancies” in contract disbursements, offshore transfers, and procurement records related to the refurbishment contracts.
“Mr. Umar Isa is being questioned over suspicious financial flows and transactions traced to accounts linked to the refinery rehabilitation scheme. Investigators are probing the whereabouts of approximately $7.2 billion earmarked for these projects,” the official said.
The EFCC is also said to be tracking associates and contractors allegedly involved in the disbursement and utilization of the funds. More arrests are expected in the coming days as part of a widening probe into corruption in the oil sector.
The rehabilitation of Nigeria’s refineries — all of which have operated below capacity or remained moribund for years — has drawn heavy criticism from transparency advocates, who argue that billions of dollars have been sunk into the facilities without meaningful outcomes.
