Nigeria’s anti-graft agency, EFCC, has filed separate money laundering charges against the immediate past managing directors of the Port Harcourt and Warri refineries, Ahmed Dikko and Jimoh Yisawu, over alleged diversion and laundering of funds linked to the controversial turnaround maintenance of Nigeria’s state-owned refineries.
The Economic and Financial Crimes Commission (EFCC) has charged the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and his counterpart at the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, with money laundering over the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s moribund refineries, PREMIUM TIMES can report.
The commission accused both former refinery chiefs of abusing their offices by allegedly laundering proceeds of unlawful activities, receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL), operating accounts used to conceal illicit funds and making large cash transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges are the latest development in the EFCC’s extensive investigation into the multi-billion-naira turnaround maintenance programme for Nigeria’s refineries, which has so far led to the recovery of billions of naira, millions of dollars and several properties from former officials of the national oil company, as earlier reported by PREMIUM TIMES.
On Saturday, this newspaper reported that the EFCC has recovered over N9.4 billion, $21.2 million, and several landed properties in an ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
Based on the Central Bank of Nigeria’s official market rate of N1,380/$1 posted on Friday, the $21.2 million recovered is approximately N29.26 billion, bringing the total amount recovered so far to N38.66 billion.
The recoveries are part of what investigators described as one of the most extensive probes into the management of billions of dollars committed to reviving the country’s moribund refineries.
Nigeria has four state-run refineries, including two in Port Harcourt, which together form the Port Harcourt Refining Company, with a combined installed capacity of 210,000 barrels per day (bpd).
The Kaduna Refining and Petrochemical Company Limited has an installed capacity of 110,000 bpd, while the Warri Refining and Petrochemical Company Limited has an installed capacity of 125,000 bpd.
All four refineries have a combined installed capacity of 445,000 bpd.
However, despite significant cash released by different governments aimed at getting the plants to run optimally for many years, the refineries have failed to serve their objectives.
According to the charge sheet, prosecutors alleged that Mr Dikko engaged in multiple transactions involving proceeds of unlawful activities linked to contractors handling refinery maintenance projects.
One of the counts alleged that in February 2024, while serving as Managing Director of PHRC, he made a cash payment equivalent to N218.375 million to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, contrary to the Money Laundering Act.
The EFCC also accused him of retaining N100 million allegedly received from Ebenco Global Link Limited, a contractor to PHRC, in a Fidelity Bank account between October 2022 and October 2023, knowing the funds were proceeds of unlawful activity.
In separate counts, prosecutors alleged that Mr Dikko retained N90 million allegedly paid by Ebenco Global Link Limited through a GTBank account; concealed the origin of another N90 million by routing the funds through an Access Bank account belonging to Aisha Ahmed Dikko; received N30 million through the account of Medinus Mildred Oluba from Ebenco Enterprises, another contractor;
Additionally, the persecutors accused Mr Dikko to have retained N10 million allegedly paid by Dogai Global Resources, also a refinery contractor and also retained N4.75 million received from Gasontex Limited.
The commission further alleged that Mr Dikko and Masterpiece Projects & Investment Limited concealed the source of N328.71 million paid by OMSA Integrated Services Limited from transactions involving NNPC’s allocation of Vacuum Gas Oil for export.
Other counts alleged that he received N59.2 million from funds transferred to Masterpiece Projects & Investment Limited; procured Ebenezar Oluwagbemiga of Ebenco Global Link Limited to receive N356.41 million on his behalf, converted $77,080 through Ibrahim Isa Yaro between October 2022 and May 2025 and received N20 million through a GTBank account operated by his son, Ahmed Ahmed Dikko.
Count 11 of the charge reads: “That you AHMED ADAMU DIKKO former Managing Director o f the Port Harcourt Refining Company Ltd (PHRC), between October 2022 and May 2025 in Abuja within the jurisdiction of this Honourable Court did convert the aggregate sum of $77,080 (Seventy Seven Thousand and Eighty United States Dollars) through Ibrahim Isa Yaro which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you reasonably ought to have known that the said amount formed part of the proceeds of unlawful activity and you thereby committed a n offence contrary to section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under section 18(3) o f the same Act.”
The EFCC described the funds as proceeds of “unlawful activities” and that the transactions breached various provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the separate eight-count charge, the EFCC accused former WRPC Managing Director Jimoh Yisawu of laundering large sums of money through third parties and making prohibited cash payments.
The commission alleged that between October 2023 and May 2025, Mr Yisawu converted $789,950 through one Samaila Bala, an amount prosecutors said could not be traced to his legitimate earnings as a public officer.
He was also accused of making cash payments amounting to the same sum without routing the transactions through financial institutions.
Another set of charges alleged that between February 2024 and March 2025, he converted an additional $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures and similarly made cash payments exceeding the statutory threshold.
The EFCC further alleged that Mr Yisawu used N25.56 million received from JKpeez Impex Co., a contractor linked to an NNPC subsidiary; transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills;retained N15 million allegedly paid by Ebenco Global Link Limited through a Stanbic IBTC account; retained another N3 million from the same contractor.
According to prosecutors, the transactions involved proceeds of unlawful activities and violated both the Money Laundering (Prohibition) Act, 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act, 2022.
