EFCC Arrests Former NNPCL CFO, Others Over Explosive $7.2 Billion Refinery Rehabilitation Fraud
Published Tuesday, June 24, 2025
In a development that could rock the heart of Nigeria’s oil sector, the Economic and Financial Crimes Commission (EFCC) has arrested Umar Isa Ajiya, the former Chief Financial Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), over his alleged role in a staggering $7.2 billion fraud tied to the supposed rehabilitation of Nigeria’s long-dormant refineries.
According to EFCC insiders, Ajiya’s arrest is part of a widening probe into what is now being described as one of the biggest public finance scandals in Nigeria’s recent history.
🏭 Refinery Repairs or Mega Scam?
At the center of the investigation is the alleged mismanagement and diversion of billions of dollars earmarked for the turnaround maintenance of Kaduna, Warri, and Port Harcourt refineries—projects which have gulped huge funds but produced no operational outcome.
A senior EFCC source confirmed:
“Our operatives have arrested Umar Isa Ajiya in connection with an alleged $7.2 billion fraud related to the rehabilitation of the three refineries.”
💸 Money Trail Under Scrutiny
According to EFCC data, the total amount under forensic investigation is nearly $3 billion, with the breakdown as follows:
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$1.56 billion – Port Harcourt Refinery
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$740.7 million – Kaduna Refinery
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$656.9 million – Warri Refinery
Despite these astronomical figures, the facilities remain non-functional, raising urgent questions about where the funds truly went.
“As CFO, Ajiya was in charge of releasing funds for these projects. We are probing his role in abuse of office, diversion of public funds, and alleged kickbacks from contractors,” the official stated.
🔍 A Web of High-Profile Suspects
But Ajiya is not alone in the EFCC’s net. The investigation has now expanded to include several other top figures in Nigeria’s petroleum sector:
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Tunde Bakare – Managing Director of Warri Refinery
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Ahmed Adamu Dikko – Former MD, Port Harcourt Refinery
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Ibrahim Monday Onoja – Former MD, Port Harcourt Refinery
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Jimoh Olasunkanmi – Former MD, Warri Refinery (currently in custody)
All are being probed for complicity in the disbursement and possible diversion of funds meant for the long-promised refinery overhaul.
🚨 What’s Next?
The EFCC says the investigation is still in its early stages and that more arrests could follow. With billions of dollars unaccounted for and public outrage mounting, this case could become a defining anti-corruption battle ahead of the 2027 general elections.
📌 Conclusion: Another NNPC Scandal or a Turning Point?
The rehabilitation of Nigeria’s refineries has been a decades-long mirage, despite repeated budget allocations. This latest development has rekindled public anger over how deeply entrenched corruption remains within the oil industry.
As Nigerians wait for justice, the big question is: Will this be another scandal swept under the rug, or the beginning of real accountability?
