• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Crime and Insecurity

Alleged $7.2bn fraud: EFCC still investigating immediate past NNPCL Top Officials 

Nnaemeka Onyekachi by Nnaemeka Onyekachi
June 24, 2025
in Crime and Insecurity, Energy, Sectors
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says
Share on FacebookShare on TwitterShare on Linkedin

The Economic and Financial Crimes Commission (EFCC) has confirmed that the arrested former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, and other top officials are still under investigation over an alleged $7.2 billion fraud linked to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.

A source familiar with developments within the EFCC (who pleaded anonymity as the official was not authorized to speak) disclosed to Nairametrics on Tuesday that the investigation of the suspects is ongoing.

Aside from Isa, Jimoh Olasunkanmi, a former Managing Director of Warri Refinery, and others are said to be in the custody of the EFCC, as confirmed by the source.

RelatedStories

efcc

EFCC arraigns Bigibet gaming platform founder Adepoju Abiodun for alleged N855million fraud  

July 8, 2025
TSTV Africa re-launches on Independence Day, exactly three years after failed start

TStv MD, Bright Echefu, re-arraigned over N1bn and $1.3m alleged investment fraud, seeks out-of-court settlement 

July 8, 2025

The development comes days after the Senate Committee on Public Accounts, chaired by Aliyu Wadada, raised the alarm concerning alleged discrepancies involving trillions of naira in the audited financial statements of the NNPCL.

The Committee described the revelations as mind-boggling and worrisome, underscoring that the concerns stem directly from the analysis of NNPCL’s audited financial statements from 2017 to 2023.

The committee immediately handed over a list of 11 queries to the NNPCL finance team with a one-week timeline for response.

EFCC Probe 

  • Our source confirmed to Nairametrics that the key officials involved in the maintenance of the refineries and other NNPCL key projects are under investigation regarding “alleged abuse of office, corruption, diversion of funds, and kickbacks from contractors.” 

“The arrest of some of the ex-NNPCL officials is true.  

“We are still investigating and there is no point preempting what the EFCC will do after the investigation,” the source added.

  • The source further confirmed that “the Commission is still at the investigation stage”, and there may be no need to arraign some of the ex-NNPCL officials depending on the outcome of the EFCC investigation.
  • Other officials named in the probe include the Managing Director of the Warri Refinery, Tunde Bakare; a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko; and a former Managing Director of the Port Harcourt Refinery, Ibrahim Onoja.

EFCC’s spokesperson, Dele Oyewale, has yet to respond to Nairametrics’ enquiry as of press time.

Backstory 

The development comes months after President Bola Tinubu approved the reconstitution of the Nigerian National Petroleum Company Limited (NNPCL) board, removing the chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mele Kyari.

The restructuring affected all other board members appointed alongside Akinyelure and Kyari in November 2023.

According to the statement, “President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasized that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.” 

President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.


Follow us for Breaking News and Market Intelligence.
Tags: EFCCNigerian National Petroleum Company LimitedUmar Isa
Nnaemeka Onyekachi

Nnaemeka Onyekachi

My name is Nnaemeka Onyekachi, a writer, public speaker and an award winning journo with over 5,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently serving as a Senior Editorial Analyst at Nairametrics, my passion lies in delivering insightful financial,corporate, economic news and analysis on foreign relations, governance, judiciary and legislature.

Related Posts

efcc
Business News

EFCC arraigns Bigibet gaming platform founder Adepoju Abiodun for alleged N855million fraud  

July 8, 2025
TSTV Africa re-launches on Independence Day, exactly three years after failed start
Exclusives

TStv MD, Bright Echefu, re-arraigned over N1bn and $1.3m alleged investment fraud, seeks out-of-court settlement 

July 8, 2025
EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 
Legal & Regulations

EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent 

July 7, 2025
NNPC completes River Niger crossing on AKK gas pipeline  
Energy

NNPC completes River Niger crossing on AKK gas pipeline  

July 1, 2025
Nigeria’s gas production drops to 7.352mmscf/d in May 2025 – NNPCL 
Energy

Nigeria’s gas production drops to 7.352mmscf/d in May 2025 – NNPCL 

July 1, 2025
Proposed 5% levy on companies for community project might lead to exits – Afrexim Bank
Energy

NNPC raises alarm over internal, external sabotage amid push for accountability and reform

June 27, 2025
Next Post
Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 

Qatar’s largest dairy producer, Baladna, to establish multi-million dollar dairy facility in Ogun State 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics