June 23, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) has arrested a former Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited, Umar Ajiya Isa.
According to Vanguard, Isa was arrested in connection to an alleged $7.2 billion fraud linked to the failed rehabilitation of Nigeria’s three major refineries in Port Harcourt, Kaduna, and Warri.
While $1.56 billion was reportedly allocated for the Port Harcourt refinery, $740.6 million for Kaduna refinery, and $656.9 million for Warri refinery.
As CFO, Isa was responsible for authorising the release of funds for the rehabilitation projects.
Sources within the anti-graft agency said Isa is being investigated for his alleged role in the disbursement and possible misappropriation of billions of the funds earmarked for the turnaround maintenance of the refineries.
Additional key figures under investigation include Tunde Bakare, the incumbent MD of Warri Refinery; Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery; and Ibrahim Monday Onoja, another ex-MD of the Port Harcourt plant.
As of press time, EFCC spokesperson, Dele Oyewale, had not responded to requests for official confirmation or comment.
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