By Olatunbosun Obafemi
The Economic and Financial Crimes Commission (EFCC) has arrested two former top executives of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the protracted rehabilitation of the country’s refineries.
Those arrested are Umar Ajiya Isa, former Chief Financial Officer of NNPCL, and Jimoh Olasunkanmi, former Managing Director of the Warri Refinery. They were detained on June 23, 2025, as part of a broader investigation into large-scale financial mismanagement, corruption, and diversion of public funds.
The EFCC’s probe, which surfaced publicly in April through an internal memo, is examining the roles of 14 past and present NNPCL officials, including former Group Chief Executive Officers Mele Kyari and Abubakar Yar’Adua.
The focus is on funds allocated for the rehabilitation of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri—none of which are fully operational despite billions of dollars in investment. Specific disbursements under scrutiny total nearly $3 billion, with $1.55 billion earmarked for Port Harcourt, $740 million for Kaduna, and $656 million for Warri. The larger $7.2 billion figure includes suspected kickbacks and unaccounted funds.
The Port Harcourt refinery is operating at less than 42% capacity, Warri was shut down in early 2024, and Kaduna has remained inactive for years.
Despite annual funding for turnaround maintenance, domestic fuel production remains low, leaving Nigeria dependent on imports. The arrests represent a major test of President Bola Tinubu’s anti-corruption agenda and may prove pivotal in restoring transparency in Nigeria’s oil sector.
