The Economic and Financial Crimes Commission (EFCC) has filed money laundering charges against Ahmed Dikko and Jimoh Yisawu, former managing directors of the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC), over the diversion of funds released for the rehabilitation of Nigeria’s refineries.
The anti-graft agency filed separate charges against the two former refinery chiefs at the High Court of the Federal Capital Territory (FCT) in Abuja on Monday.
Dikko is facing a 12-count charge, while Yisawu is facing an eight-count charge bordering on money laundering, unlawful cash transactions, concealment of illicit funds and abuse of office.
The EFCC claimed that Dikko received and retained funds from contractors engaged by the Nigerian National Petroleum Company Limited (NNPC), concealed the origin of part of the money through third-party accounts and carried out transactions in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
Among the allegations against Dikko is that he paid about N218.4 million in cash for a property in Katampe Extension, Abuja, in February 2024 without using a financial institution, contrary to the provisions of the Act.
The commission also claimed that he retained hundreds of millions of naira received from companies awarded refinery maintenance contracts and converted $77,080 through a third party between October 2022 and May 2025.
In a separate charge, the EFCC stated that Yisawu converted $789,950 through an associate between October 2023 and May 2025 and made cash payments exceeding the threshold permitted by law.
Prosecutors further stated that the former WRPC managing director converted another $122,600 through a third party, retained millions of naira received from refinery contractors and invested part of the funds in treasury bills.
The charges form part of the EFCC’s ongoing investigation into the diversion of funds approved for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
The commission has so far recovered more than N9.4 billion, $21.2 million and several landed properties in connection with the investigation.
Comments