Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested five recent top shots of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.

Among them is a former Chief Financial Officer (CFO) Umar Isa. Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery.

A Channels TV report recalled that Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries.

"Isa and all the key officials involved in the maintenance of the refineries and other NNPC key projects are being investigated for alleged abuse of office, corruption, diversion of funds and kickbacks from contractors.

"Other officials involved are the Managing Director of the Warri Refinery, Tunde Bakare; a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko; and a former Managing Director of the Port Harcourt Refinery, Ibrahim Onoja," Channels reported yesterday evening, Monday, June 23, 2025.

It said that EFCC’s spokesperson, Dele Oyewale, could not be reached for his comments.

Last week, the Senate Committee on Public Accounts, chaired by Aliyu Wadada, raised the alarm over discrepancies involving trillions of naira in the audited financial statements of the NNPCL, describing the revelations as mind-boggling and worrisome.

The committee underscored that the concerns stem directly from the analysis of NNPCL’s audited financial statements from 2017 to 2023. The committee immediately handed over a list of 11 queries to NNPCL finance team and gave them one week to return with answers.