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A former Chief Finance Officer (CFO) of the Nigeria National Petroleum Company Limited (NNPC Ltd), Umar Ajiya Isa, has denied reports of his arrest by the Economic and Financial Crimes Commission (EFCC) over an alleged $7.2 billion fraud.
In a statement on Wednesday, Mr Isa said he voluntarily submitted himself to the EFCC for questioning and was not arrested or detained.
PREMIUM TIMES, on Monday, learnt from the commission’s officials briefed on the development, that Mr Isa was arrested in connection with alleged $7.2 billion fraud associated with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.
The three refineries have underperformed and recorded zero production over the years despite annual allocation of turnaround maintenance to them.
According to the sources, Mr Isa was detained by the agency along with a former Managing Director of Warri Refinery, Jimoh Olasunkanmi.
In his statement, Mr Isa said the claims that he was arrested by operatives of the EFCC, on Monday over “fraud is false.”
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Mr Isa, who was in charge of release of funds for the Turn Around Maintenance of the three refineries, maintained that he left the NNPC with his integrity intact and has never been accused of any fraud during his tenure.
He assured that he is willing to cooperate with the EFCC at any time and defend his reputation.
“I voluntarily submitted myself to EFCC. The claims that I was arrested by operatives of the Economic and Financial Crimes Commission, on Monday over fraud is false. Contrary to the report I personally submitted myself to the commission and that at no time was I arrested in relation to an alleged $7.2 billion relating to transactions at the Warri and Port Harcourt refineries.
“Nobody arrested me for any $7.2 billion in relation to any refinery fraud. I voluntarily submitted myself for questioning to the EFCC and thereafter I went home. To see in the media stories of my arrest over fraud is unfortunate.
“I served at NNPC Limited and I left with my integrity intact. Nobody has accused me of any fraud throughout my sojourn at the company. People who are pushing this false narrative of arrests and detention just want to tarnish my reputation. I am ready at any time to defend my reputation and years of service at the NNPCL. I am in this country and any day and anytime the EFCC requests me to appear before them I will be present,” Mr Isa said.
In May, this newspaper reported that EFCC initiated an investigation into alleged abuse of office and misappropriation of funds by former top officials of the NNPC Ltd, including two former chief executives, Mele Kyari and Abubakar Yar’Adua.
According to the report, a letter dated 28 April and addressed to the current NNPC management, revealed that the anti-graft agency is probing the disbursement of over $2.9 billion approved for the rehabilitation of Nigeria’s three state-owned refineries.
The letter, with reference number CR:3000/EFCC/ABJ/HQ/SDC.2/NNPC/VOL.1/698, requested certified salary and allowance records of 14 current and former senior executives, including Messrs Kyari, Yar’Adua, and former refinery managing directors Ibrahim Onoja (PHRC), Mustafa Sugungun (KRPC), and Efifia Chu (WRPC).
The funds under investigation include $1.56 billion allocated to the Port Harcourt refinery, $740.6 million for Kaduna, and $656.9 million for Warri, which were released under a controversial rehabilitation scheme.
Several of the listed officials had either been sacked or retired, following a shake-up initiated by President Bola Tinubu, who also dissolved the NNPC board and appointed a new management team led by Bayo Ojulari as GCEO and Ahmadu Kida as board chair.
In the same May, The Punch newspaper reported that multiple sources confirmed that the EFCC arrested some of the former refinery managing directors and other officials in connection with the alleged diversion of funds.
It said that investigators reportedly uncovered about N80 billion in the personal accounts of one of the sacked managing directors.
READ ALSO: UPDATED: EFCC arrests ex-NNPC top official, others over alleged $7.2 billion refineries maintenance fraud
The developments coincided with a forensic audit of NNPC ordered by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who stated that the company must increase its dollar contributions amid Nigeria’s ongoing fiscal reforms.
Despite significant financial injections, Nigeria’s refineries continue to face operational challenges, with public records and site visits revealing that the facilities have largely failed to resume meaningful operations.
The Warri Refinery, which was reopened in December 2024, shut down in January due to safety issues. Last month NNPC announced the shutdown of Port Harcourt Refinery.
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