US EditionNigeria: EFCC Arrests Ex-NNPC Top Official, Others Over Alleged $7.2 Billion Refineries Maintenance Fraud
- Authorities investigating financial crimes have taken into custody Umar Isa, the former Chief Financial Officer of NNPCL, and Jimoh Olasunkanmi, the ex-Managing Director of Warri Refinery, in connection with a $7.2 billion fraud involving the refurbishment of several refineries.
- The arrests followed a Senate Committee report revealing trillions of naira discrepancies in NNPCL audited accounts from 2017 to 2023 and a forensic audit ordered by the Finance Minister.
- Investigations target Isa and other key officials, including Warri MD Tunde Bakare and Port Harcourt MDs Ahmed Dikko and Ibrahim Onoja, for abuse of office, corruption, fund diversion, and kickbacks.
- The three refineries have underperformed with zero production despite massive funds and staged recommissioning, while industry experts called the rehabilitation a charade.
- These developments led to a presidential shake-up dissolving the NNPC board and appointing a new management team tasked with reform and increased fiscal contributions.
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Total News Sources17
Leaning Left3Leaning Right0Center3Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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