The Economic and Financial Crimes Commission (EFCC) has arrested several former top executives of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion scandal tied to the failed rehabilitation of Nigeria’s key refineries in Kaduna, Warri, and Port Harcourt.
Among those in EFCC custody is Umar Isa, the former Chief Financial Officer of NNPCL, who oversaw the release of funds for the turnaround maintenance of the refineries. Also arrested is Jimoh Olasunkanmi, former Managing Director of the Warri Refinery. They are being investigated for alleged abuse of office, corruption, diversion of public funds, and receiving kickbacks from contractors.
Other officials reportedly under investigation include:
- Tunde Bakare, MD, Warri Refinery
- Ahmed Dikko, former MD, Port Harcourt Refinery
- Ibrahim Onoja, also a former MD, Port Harcourt Refinery
EFCC has yet to issue an official statement, as spokesperson Dele Oyewale was unavailable for comment.
Senate Raises Alarm Over NNPCL Finances
The arrests follow a Senate Committee on Public Accounts report that uncovered alarming discrepancies in NNPCL’s audited financial statements from 2017 to 2023. Chaired by Senator Aliyu Wadada, the committee raised 11 queries and demanded swift answers from the NNPCL finance team.
Tinubu’s NNPCL Shake-up
In response to ongoing concerns about inefficiency and mismanagement, President Bola Tinubu dissolved the NNPCL Board on April 2, 2025. This decision led to the removal of Mele Kyari as Group CEO, a position he had held since July 2019.
Kyari, a long-time NNPCL executive, faced calls for his resignation upon turning 60 earlier this year, but the president initially retained him. His eventual dismissal, along with Board Chairman Pius Akinyelure and others, was described by many as both necessary and overdue.
New Leadership at NNPCL
To reset the company’s direction, President Tinubu appointed a fresh 11-member board. Key appointees include:
- Bashir Ojulari – Group CEO
- Ahmadu Kida – Non-Executive Chairman
- Other members: Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed
According to presidential spokesperson Bayo Onanuga, the restructuring aims to restore investor confidence, improve efficiency, promote gas commercialisation, and grow the Nigerian economy.
