EFCC Arrests Ex-NNPCL CFO, Warri Refinery MD Over $7.2bn Fraud in Refinery Rehabilitation Scandal

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Operatives of the Economic and Financial Crimes Commission (EFCC) have detained Umar Isa, former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), and Jimoh Olasunkanmi, ex-Managing Director of the Warri Refinery, over an alleged $7.2 billion fraud linked to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

Isa, who oversaw fund disbursements for the refineries’ turnaround maintenance, is under investigation alongside other key officials for alleged abuse of office, corruption, diversion of funds, and kickbacks from contractors.

Others implicated include Tunde Bakare (Warri Refinery MD), Ahmed Dikko (former Port Harcourt Refinery MD), and Ibrahim Onoja (former Port Harcourt Refinery MD).

The arrests followed recent scrutiny by the Senate Committee on Public Accounts, which flagged discrepancies worth trillions of naira in NNPCL’s audited financial statements (2017–2023).

Committee Chairman, Aliyu Wadada, described the findings as “mind-boggling,” handing the NNPCL finance team 11 queries with a one-week response deadline.

In a sweeping reform, President Bola Tinubu dissolved the NNPCL board on April 2, 2025, sacking Group CEO Mele Kyari—a holdover from the Buhari administration—and board chair Pius Akinyelure.

Presidential spokesman Bayo Onanuga cited the need for “operational efficiency, investor confidence, and economic growth” as reasons for the overhaul.

Tinubu appointed an 11-member board led by new Group CEO Bashir Ojulari and Chairman Ahmadu Kida, signaling a fresh direction for the state oil firm amid mounting accountability pressures.

Analysts have hailed the shake-up as overdue, though debates persist on its timing.

The EFCC’s probe into the refinery scandal underscores deepening anti-corruption efforts as Nigeria grapples with systemic graft in its critical oil sector.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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