• The officials handled NNPC Ltd rehabilitation of Port Harcourt and Warri refineries.
Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of NNPC Limited, Umar Isa, over alleged $7.2 billion (approximately N11.16 trillion) fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.
Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery.
Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance of the refineries and other NNPC Limited key projects are being investigated for alleged abuse of office, corruption, diversion of funds and kickbacks from contractors.
Other officials involved are the former Managing Director of Warri Refining and Petrochemical Company (WRPC), Tunde Bakare; a former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Dikko; and former Managing Director of PHRC, Ibrahim Onoja.
EFCC’s spokesperson, Dele Oyewale is yet to release official statement on the arrests and allegations.
Last week, the Senate Committee on Public Accounts, chaired by Aliyu Wadada, raised the alarm over discrepancies involving trillions of naira in the audited financial statements of the NNPC Limited, describing the revelations as mind-boggling and worrisome.
The committee emphasized that the concerns stem directly from the analysis of NNPC Limited’s audited financial statements from 2017 to 2023. The committee immediately handed over a list of 11 queries to NNPCL finance team and gave them one week to return with answers.
Having given the NNPCL about two years to ramp up performance, President Bola Tinubu sacked all the Board members of the company on April 2, 2025.
Presidential spokesman Bayo Onanuga was unequivocal with the reasons for the restructuring, which he said was “crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification”.
Though some commentators described the restructuring as long overdue, others felt it was better late than never.
Significantly, the president removed Mele Kyari as the company’s group chief executive officer. Kyari led the oil company from July 7, 2019, till April 2, 2025.
Kyari worked in the NNPC Limited for more than three decades before his replacement.
Also removed in April, were kkNNPC Limited Board Chair, Pius Akinyelure, as well as all other board members appointed with Akinyelure and Kyari in November 2023.
In their stead, the president appointed a new 11-man board with Bashir Ojulari as the Group CEO and Ahmadu Kida as non-executive chairman. Other Board members are Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.