Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa, former Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited, and Jimoh Olasunkanmi, ex-Managing Director of Warri Refinery, over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s three major refineries in Kaduna, Warri, and Port Harcourt.
Gatekeepers News reports that the EFCC is investigating Isa and other officials for alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors, according to TheCable’s source. The investigation focuses on the disbursement and use of $2,956,872,622.36 allocated for refinery rehabilitation.
“Others under investigation include Tunde Bakare, managing director of Warri Refinery; Ahmed Adamu Dikko, former managing director of Port Harcourt Refinery; and Ibrahim Monday Onoja, former managing director of Port Harcourt Refinery,” the source said.
The refineries have underperformed despite substantial funding, with the Warri refinery shutting down due to safety concerns and the Port Harcourt refinery operating below 42% capacity.
The Port Harcourt Refining Company (PHRC) operates two refineries with a combined crude processing capacity of 210,000 barrels per stream day. The old plant commenced crude oil processing on November 26, 2024, after several years of being moribund.
