The Economic and Financial Crimes Commission (EFCC) has arrested Umar Ajiya Isa, the former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over a massive $7.2 billion fraud linked to the failed rehabilitation of Nigeria’s refineries.
EFCC operatives picked up Isa in Abuja on Monday, June 23, as part of a wider probe into how billions meant to revive the Kaduna, Warri, and Port Harcourt refineries vanished yet the facilities remain barely functional.
Breakdown of the Alleged Fraud
According to sources close to the investigation, EFCC is probing the suspicious disbursement of $2.95 billion:
- Port Harcourt refinery: $1.55 billion
- Kaduna refinery: $740.6 million
- Warri refinery: $656.9 million
Despite the huge sums released for turnaround maintenance (TAM), the refineries have either produced nothing or operated below capacity.
More Arrests Follow
Apart from Isa, the anti-graft agency also arrested Jimoh Olasunkanmi, a former MD of Warri Refinery. Others under investigation include:
- Tunde Bakare (Current MD, Warri Refinery)
- Ahmed Adamu Dikko (Former MD, Port Harcourt Refinery)
- Ibrahim Monday Onoja (Also a former MD, Port Harcourt Refinery)
The arrests come after earlier detentions in May, when EFCC traced ₦80 billion to the personal accounts of a sacked refinery boss.
Refineries Remain Idle Despite Billions Spent
Despite all the cash pumped into the refineries, results have been disappointing:
- Port Harcourt refinery, which got $1.5 billion, hasn’t gone beyond 40% capacity since November 2024.
- Warri refinery couldn’t produce petrol after gulping $897.6 million. It shut down in January 2025 over safety concerns.
- Kaduna refinery has delivered little or nothing at all.
Many Nigerians are now asking hard questions.
“Where Is the Money?” Nigerians React Online
On social media platform X (formerly Twitter), angry Nigerians have called the situation a “massive refinery scandal.”
One user wrote:
“After all the billions spent, the refineries still don’t work. We deserve answers!”
EFCC Expands Investigation
The EFCC isn’t stopping with just a few arrests. The agency says it’s going after all contractors, executives, and even past NNPCL leaders involved in the TAM projects.
A source inside EFCC told Petroleumprice.ng:
“This is just the beginning. The scale of this fraud is huge, and no one will be spared.”
Attempts to reach EFCC spokesperson Dele Oyewale were unsuccessful at the time of filing this report.
Spotlight on NNPCL Bosses
This latest crackdown comes after a 2024 petition by human rights lawyer Barrister Ojonugwa Theophilus, who demanded that former NNPCL Group CEO Mele Kyari be investigated for allegedly mismanaging billions of dollars.
Although Kyari hasn’t been arrested, EFCC has opened a formal probe into his tenure and 13 other senior officials.
Why It Matters
The failure of Nigeria’s refineries has forced the country to keep importing fuel making prices go up. Today, petrol sells for as high as ₦955 per litre, despite Nigeria being one of Africa’s top oil producers.
Energy analyst Kelvin Emmanuel called the entire refinery upgrade “a charade,” saying the plants were never really set to function.
What Next?
The EFCC has promised to push this probe to its conclusion. But Nigerians are waiting and watching. They want to know what really happened to the billions and why their refineries are still in the dark.
Stay with Petroleumprice.ng for more on this developing story.