EFCC Arrests Ex-NNPC CFO Umar Isa Over $7.2 Billion Refinery Rehabilitation Fraud

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The Economic and Financial Crimes Commission (EFCC) has arrested former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, in connection with a monumental $7.2 billion fraud tied to the controversial rehabilitation of Nigeria’s ailing refineries.

According to insider sources, the former CFO was taken into custody by EFCC operatives over his alleged involvement in suspicious financial activities linked to the rehabilitation contracts for Kaduna, Warri, and Port Harcourt refineries — projects that have been heavily criticized for gulping billions without yielding operational results.

The arrest marks a significant move by the EFCC to investigate and possibly prosecute senior officials accused of mismanaging funds earmarked for the country’s struggling energy sector. Despite multiple budgetary allocations over the years, Nigeria’s refineries have remained non-functional, forcing the country to rely almost entirely on fuel imports.

Preliminary investigations suggest that Umar Isa may have approved or facilitated questionable disbursements, inflated contracts, and funneled billions of dollars into phantom projects under the guise of refinery rehabilitation. Sources within the EFCC allege that several companies linked to the former CFO are now under financial scrutiny for receiving irregular payments.

This $7.2 billion scandal has reignited public anger over Nigeria’s failure to fix its refineries despite decades of promises. The case also casts a fresh spotlight on the management of the NNPCL, which was recently commercialized but still grapples with accusations of opacity and systemic corruption.

The EFCC is yet to issue an official statement detailing the scope of the allegations or confirm whether more arrests are expected. However, the Commission has assured Nigerians that it will pursue the case to its logical conclusion and recover any misappropriated funds.

As the story continues to unfold, this high-profile arrest is expected to trigger deeper probes into other major oil sector contracts under past administrations, especially in relation to refinery turnaround maintenance (TAM) deals that have consistently failed to yield results.