EFCC Arrests Ex-NNPCL Top Officials Over Alleged $7.2 Billion Refinery Fraud (Full List)

The Economic and Financial Crimes Commission (EFCC) has arrested several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) in connection with an alleged $7.2 billion fraud linked to the controversial rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

TJ News Nigeria reports that the anti-graft agency is investigating the suspects for alleged abuse of office, corruption, diversion of funds, and kickbacks from contractors.

Ex-NNPCL Chiefs in EFCC Custody

Among those arrested is Umar Isa, the former Chief Financial Officer (CFO) of NNPCL. Isa, during his tenure, reportedly oversaw the release of funds earmarked for the turnaround maintenance of the three major refineries.

Others currently in EFCC custody include:

• Jimoh Olasunkanmi, former Managing Director of Warri Refinery
• Tunde Bakare, Managing Director of Warri Refinery
• Ahmed Dikko, former Managing Director of Port Harcourt Refinery
• Ibrahim Onoja, another former Managing Director of Port Harcourt Refinery

Efforts by TJ News Nigeria to reach EFCC’s spokesperson, Dele Oyewale, for official comments were unsuccessful at the time of filing this report.

Senate Uncovers Massive Discrepancies in NNPCL Accounts

This development follows last week’s alarm raised by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, regarding trillions of naira in ‘unaccounted funds’ linked to NNPCL’s audited financial statements.

The Senate handed 11 queries to NNPCL’s finance team, demanding detailed explanations within a week.

Key Findings by the Senate Include:

• Unexplained financial discrepancies from 2017 to 2023
• Suspected diversion of funds related to refinery rehabilitation projects
• Alleged manipulation of financial records across multiple fiscal years

Tinubu’s Restructuring of NNPCL Board

President Bola Ahmed Tinubu took decisive action in April 2025 by dissolving the entire NNPCL Board, including the sacking of Mele Kyari, the Group Chief Executive Officer, after sustained public criticism.

The president cited the need to:

• Enhance operational efficiency
• Restore investor confidence
• Drive gas commercialization and energy sector reforms

In their place, Tinubu appointed a new 11-member board chaired by Ahmadu Kida with Bashir Ojulari as the Group CEO.

 

Background on Refinery Rehabilitation Controversy

Nigeria’s Kaduna, Warri, and Port Harcourt refineries have long been plagued by mismanagement, underinvestment, and persistent operational failures. Despite billions of dollars approved for rehabilitation, the facilities have remained largely non-functional, contributing to Nigeria’s dependence on imported refined petroleum products.

Timeline of Recent NNPCL Developments:

1. July 2019 – Mele Kyari appointed GCEO of NNPCL under Muhammadu Buhari
2. November 2023 – Last major board restructuring by Buhari
3. April 2025 – Tinubu dissolves NNPCL board and sacks Kyari
4. June 2025 – Senate audit uncovers trillions of naira discrepancies
5. June 2025 – EFCC arrests former senior NNPCL officials

What you should know

The EFCC’s ongoing investigation could potentially expose one of Nigeria’s biggest financial scandals in the oil sector in recent years. As the probe deepens, more revelations are expected concerning the management of Nigeria’s multi-billion-dollar refinery rehabilitation programs.

TJ News Nigeria will continue to provide updates on this developing story.