Ex-NNPCL CFO, Umar Isa Ajiya, in EFCC custody over ‘$7.2bn fraud’

Umar Isa Ajiya, a former chief financial officer of the NNPC Limited is currently in the custody of the Economic and Financial Crimes Commission (EFCC) over an alleged $7.2 billion fraud.

Sources within the anti-graft agency said Umar Ajiya was taken into custody for his alleged involvement in the disbursement and mismanagement of funds meant for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries.

The EFCC is investigating a total of $2,956,872,622.36 released for the refinery rehabilitation projects.

The fund breakdown includes $1,559,239,084.36 for the Port Harcourt Refinery, $740,669,600 for the Kaduna Refinery, and $656,963,938 for the Warri Refinery.

A senior EFCC official, who requested anonymity, confirmed Isa’s arrest and said several former and current NNPCL officials are being investigated for corruption, abuse of office, diversion of public funds, and receiving kickbacks from contractors.

“Our operatives have arrested a former Chief Financial Officer of the NNPCL, Umar Isa Ajiya, in connection with an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries,” the official stated.

He added, “As CFO, Ajiya oversaw the release of funds for the turnaround maintenance of the three refineries. All key officials involved in these projects are being investigated.”

Others under EFCC investigation reportedly include Tunde Bakare, Managing Director of the Warri Refinery; Ahmed Adamu Dikko and Ibrahim Monday Onoja, both former Managing Directors of the Port Harcourt Refinery.

In a related development, another EFCC source confirmed the arrest of former Managing Director of the Warri Refinery, Jimoh Olasunkanmi, who is currently in custody.

“Yes, it is true. We have arrested Ajiya. We also have in our custody the former MD of the Warri Refinery, Jimoh Olasunkanmi,” the source confirmed.

As of press time, efforts to reach EFCC spokesperson Dele Oyewale for an official statement were unsuccessful.