The Economic and Financial Crimes Commission (EFCC) has taken into custody several former top executives of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion financial scandal linked to refinery rehabilitation projects in Kaduna, Warri, and Port Harcourt.
Umar Isa, the former Chief Financial Officer of NNPCL, was arrested for his role in the release of funds earmarked for the maintenance of the three major refineries. Also detained is Jimoh Olasunkanmi, former Managing Director of the Warri Refinery.
The arrests mark the beginning of an expansive probe into alleged abuse of office, misappropriation, and financial kickbacks involving former high-ranking NNPCL officials. Others under investigation include Tunde Bakare, Managing Director of the Warri Refinery; Ahmed Dikko, ex-MD of Port Harcourt Refinery; and Ibrahim Onoja, also a former MD of the Port Harcourt facility.
EFCC spokesperson Dele Oyewale was unavailable for comments at press time.
The arrests follow revelations from the Senate Committee on Public Accounts, led by Senator Aliyu Wadada, which flagged financial irregularities across multiple fiscal years of NNPCL’s audited statements from 2017 to 2023. Eleven formal queries have since been issued to the NNPCL’s finance department.
President Bola Tinubu had previously acted to overhaul the NNPCL Board on April 2, 2025, citing the need for institutional reform and operational efficiency. According to presidential aide Bayo Onanuga, the decision was aimed at improving investor trust, stimulating local content, and driving economic growth.
Among those dismissed was Group Chief Executive Officer Mele Kyari, who had served since July 2019 and turned 60 in January 2025. Despite public calls for his resignation, Kyari was retained until his eventual removal alongside Board Chair Pius Akinyelure and others appointed in November 2023.
The new leadership team includes Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman. Other members of the reconstituted 11-man board are Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed.
The EFCC’s investigation may widen in scope as more NNPCL-linked projects come under scrutiny.
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