Operatives of the Economic and Financial Crimes Commission ( EFCC ) have arrested a former Chief Financial Officer ( CFO ) of the Nigerian National Petroleum Company Limited ( NNPCL ), Umar Isa, over alleged $7.2 billion fraud linked to the rehabilitation of the Kaduna, Warri and Port Harcourt refineries. Also arrested along with Isa by the EFCC was a former Managing Director of Warri Refinery, Jimoh Olasunkanmi.
Isa as the Chief Financial Officer was incharge of the release of funds for the turnaround maintenance of the three refineries. Isa along with all the key officials involved in the maintenance of the refineries and other NNPCL 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 Warri Refinery; Tunde Bakare, a former Managing Director of Port Harcourt Refinery; Ahmed Dikko; and former Managing Director of Port Harcourt Refinery, Ibrahim Onoja.
The total amount allegedly been investigated by the EFCC is $2, 956,872,622.36.
The EFCC is probing the alleged disbursement of $1, 599, 239,084.36 allocated to the Port Harcourt Refinery; $740, 669,600 allegedly released for the Kaduna refinery and alleged $656, 963,938 approved for the Warri refinery.
