$7.2 billion fraud: EFCC arrests ex-NNPC chief finance officer, Umar Isa

The former Chief Financial Officer of the Nigeria National Petroleum Company Limited, NNPCL, Umar Isa has been arrested by the Economic and Financial Crimes Commission (EFCC) over alleged embezzlement of $7.2 billion belonging to the Nigerian government.

Isa was immediately detained at the EFCC facility as the anti-graft agency revealed that the fraud was in connection with the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

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Also in connivance with Chief Financial Officer to be able to divert the said, was the former Managing Director of the Warri Refinery, Jimoh Olasunkanmi, who was also arrested.

Isa was said to have overseen the disbursement of the funds for the turnaround maintenance of the three refineries, the mission that has not seen the light of the day.

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Following the removal of Engr Mele Kyari as the Group Chief Executive Officer and Managing Director of NNPCL, the EFCC immediately commenced a large scale investigation following petitions bordering on massive fraud during the tenure of Kyari.

Allegations of corruption, embezzlement and all forms of kickbacks from contractors rocked the post Kyari tenure.

Others implicated in the investigation include Tunde Bakare, current Managing Director of the Warri Refinery; Ahmed Dikko, a former Managing Director of the Port Harcourt Refinery; and his predecessor, Ibrahim Onoja.

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