The Economic and Financial Crimes Commission (EFCC) has arrested a former top finance officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa. He is being accused of helping to carry out a $7.2 billion fraud connected to fixing three Nigerian refineries — in Kaduna, Warri, and Port Harcourt.

Also arrested was Jimoh Olasunkanmi, who used to be the Managing Director of the Warri Refinery.

Umar Isa reportedly approved the release of money when he was the Chief Financial Officer. The money was meant for maintenance work on the refineries.

According to sources, the EFCC is now investigating everyone who played a major role in the refineries’ repair and other big NNPC projects. The investigation is focused on whether officials abused their offices, stole money, or collected bribes from contractors.

Others under investigation include Tunde Bakare (Warri Refinery boss), Ahmed Dikko (former Port Harcourt Refinery MD), and Ibrahim Onoja (also a former Port Harcourt Refinery MD).

As of now, the EFCC spokesperson, Dele Oyewale, hasn’t given any official comment about the situation.

This comes shortly after the Nigerian Senate’s Public Accounts Committee raised concerns about the NNPCL’s financial records. The committee said there were serious issues in the audited reports between 2017 and 2023.

The Senate said these reports show strange financial records involving trillions of naira. The committee handed the NNPCL’s finance team 11 questions to answer and gave them one week to respond.