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25.06.25 - 12:54
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Former CFO Of Nigeria′s State Oil Firm Arrested Over Alleged $7 Billion Fraud (ZeroHedge)
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Former CFO Of Nigeria's State Oil Firm Arrested Over Alleged $7 Billion Fraud
Authored by Charles Kennedy via OilPrice.com,
Nigeria's Economic and Financial Crimes Commission has arrested two ex-oil officials, including the former chief financial officer of Nigeria's state energy firm NNPC, over an alleged $7.2-billion fraud, corruption, and abuse of office.
The financial crimes authorities have arrested Umar Ajiya Isa, a former CFO at NNPC, as well as Jimoh Olasunkanmi, a former managing director of the Warri refinery in Nigeria. Three other officials are being investigated, according to a statement from the commission carried by Bloomberg.
The two former executives are under investigation for alleged corruption, embezzlement, abuse of office, and kickbacks from contractors.
Isa was arrested over alleged fraud for the revamp and rehabilitation of Nigeria's old oil refineries, Kaduna, Warri, and Port Harcourt, Nigerian outlet Premium Times reports.
Despite annual allocations of funds fo...
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