*Operatives of the Economic and Financial Crimes Commission have arrest Umar Isa, a former Chief Financial Officer, and other top officials of the Nigerian National Petroleum Company Limited over an alleged $7.2 billion fraud linked to rehabilitation of the country’s three oil refineries

Isola Moses | 绿帽献妻

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Umar Isa, a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), over an alleged $7.2 billion fraud.

It was learnt the purported financial malfeasance is linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.

The EFCC operatives also nabbed Jimoh Olasunkanmi, a former Managing Director of Warri Refinery.

Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries.

绿帽献妻 reports Isa and all the key officials involved in the maintenance of the refineries and other NNPCL key projects have been under the spotlight for 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.

On reported N210 trillion ‘unaccounted funds’ at NNPCL

Regarding the audited financial statements of the state oil company between 2017 and 2023, the Nigerian Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, recently raised the alarm over alleged discrepancies involving trillions of Naira in the audited financial statements of the NNPC Limited.

Wadada described his Committee’s revelations as contradictory, mind-boggling and worrisome.

The Senate Committee on Public Account’s also said that the observations originated directly from the analysis of NNPCL鈥檚 audited financial statements from 2017 to 2023.

The Committee later handed over a list of 11 queries to NNPCL Adedapo Segun, the CFO, and the finance team to return with answers within a week.