Nigeria, June 24 -- The Economic and Financial Crimes Commission (EFCC) has arrested a former Chief Financial Officer of the Nigerian National Petroleum Corporation, (NNPC) Limited, Umar Ajiya Isa.

PREMIUM TIMES, on Monday, learnt from the commission's officials briefed on the development, that Mr Isa was arrested in connection with alleged $7.2billion fraud associated with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries.

The three refineries have underperformed and recorded zero production over the years despite annual allocation of turnaround maintenance to them.

According to the sources, Mr Isa was detained by the agency along with a former Managing Director of Warri Refinery, Jimoh Olasunkanmi.

Mr Isa, as CFO,...