EFCC Arrests Ex-NNPCL Top Officials For Alleged $7.2bn Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud connected to the rehabilitation of the country's major refineries.

By Rhalialt Arhuoizah

Here's what's known so far :
- Arrests Made:
- Umar Ajiya Isa, former Chief Financial Officer (CFO) of NNPCL, was arrested in connection with the alleged fraud.
- Jimoh Olasunkanmi, former Managing Director of the Warri Refinery, is also in EFCC custody.
- Allegations:
- The EFCC is investigating the disbursement of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries, totaling approximately $2.96 billion.
- The officials are accused of abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors.
- Other Officials Under Investigation:
- Tunde Bakare, current Managing Director of the Warri Refinery.
- Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refinery.
- Ibrahim Monday Onoja, former Managing Director of the Port Harcourt Refinery.
- Senate Committee's Findings:
- The Senate Committee on Public Accounts recently raised concerns over discrepancies amounting to trillions of naira in NNPCL's audited financial records from 2017 to 2023.
- The committee has issued 11 financial queries to the NNPCL finance team, demanding responses within a week.

The EFCC's investigation is ongoing, and efforts to obtain comments from the agency's spokesperson, Dele Oyewale, were unsuccessful. The arrests mark a significant escalation in Nigeria's fight against corruption in the petroleum sector .