Sh*cking Twist: Ex-NNPC Finance Chief, Others Arrested Over Massive Refinery Fraud

The Economic and Financial Crimes Commission (EFCC) has apprehended Umar Isa Ajiya, the former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged $7.2 billion fraud tied to the rehabilitation of Nigeria’s major refineries in Kaduna, Warri, and Port Harcourt.

According to reports, multiple NNPCL officials are under investigation for the suspected diversion and mismanagement of funds allocated for the turnaround maintenance of these facilities.

An EFCC source, speaking anonymously to Punch, revealed that the commission is scrutinizing a total expenditure of $2.95 billion across the three refineries.

“Our operatives arrested Umar Ajiya, former CFO of NNPCL, in relation to the alleged $7.2 billion fraud involving the refurbishment of Kaduna, Warri, and Port Harcourt refineries,” the source said.

The financial breakdown of the funds being investigated includes:

• $1,559,239,084.36 for the Port Harcourt Refinery

• $740,669,600 for the Kaduna Refinery

• $656,963,938 for the Warri Refinery

As CFO, Ajiya was responsible for overseeing the release of these funds. He is now being probed for alleged abuse of office, corruption, misappropriation of public funds, and receiving kickbacks from contractors.

The EFCC’s probe is not limited to Ajiya alone. Several other top officials linked to the refinery rehabilitation projects are also under investigation. These include Tunde Bakare, Managing Director of Warri Refinery; Ahmed Adamu Dikko, former MD of Port Harcourt Refinery; and Ibrahim Monday Onoja, another former MD of the same facility.

In addition, another EFCC officer confirmed that Jimoh Olasunkanmi, former MD of Warri Refinery, is currently in the commission’s custody.

“Yes, it’s true. Isa has been arrested. We also have Jimoh Olasunkanmi in custody,” the source affirmed.