EFCC Charges Former Refinery Bosses with Money Laundering

The Economic and Financial Crimes Commission (EFCC) has charged the former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, with money laundering. This is over the alleged misuse of funds meant for fixing Nigeria’s old refineries, PREMIUM TIMES reports.

Court documents show that the EFCC filed a 12-count charge against Dikko and an eight-count charge against Yisawu at the High Court of the Federal Capital Territory (FCT) in Abuja on June 22.

The EFCC accused both men of misusing their positions by allegedly laundering money from illegal activities. They received payments from contractors working for the Nigerian National Petroleum Company Limited (NNPCL). They also allegedly used accounts to hide illegal funds and made large cash payments against the Money Laundering (Prevention and Prohibition) Act, 2022.

These charges are part of the EFCC’s ongoing investigation into the billions of naira spent on restoring Nigeria’s refineries. The investigation has led to recovering billions of naira, millions of dollars, and many properties from former officials of the national oil company, as previously reported by PREMIUM TIMES.

On Saturday, this newspaper reported that the EFCC has recovered over N9.4 billion, $21.2 million, and several properties linked to the alleged mismanagement of funds for refurbishing the country’s refineries.

The Central Bank of Nigeria’s official market rate of N1,380/$1 as of Friday means the $21.2 million recovered is about N29.26 billion. This brings the total amount recovered to N38.66 billion.

These recoveries are part of what investigators call one of the largest investigations into how billions of dollars have been spent to revive the country’s old refineries.

Nigeria has four state-owned refineries, including two in Port Harcourt, making up the Port Harcourt Refining Company, with a total capacity of 210,000 barrels per day (bpd).

The Kaduna Refining and Petrochemical Company Limited can handle 110,000 bpd, while the Warri Refining and Petrochemical Company Limited has a capacity of 125,000 bpd. Combined, all four refineries can process 445,000 bpd.

But despite significant funds released by different governments over the years, the refineries have not operated as intended.

Case Against Ahmed Dikko

According to the charges, prosecutors claim Dikko was involved in many transactions connected to illegal funds from contractors for refinery maintenance.

One of the charges states that in February 2024, while he was Managing Director of PHRC, Dikko made a cash payment of N218.375 million to buy a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja. He did this without going through a bank, which violates the Money Laundering Act.

The EFCC also says he kept N100 million he got from Ebenco Global Link Limited, a contractor for PHRC, in a Fidelity Bank account between October 2022 and October 2023, knowing it came from illegal activities.

In other counts, Dikko is accused of keeping N90 million from Ebenco Global Link Limited using a GTBank account and hiding the source of another N90 million by moving it through an Access Bank account belonging to Aisha Ahmed Dikko. He also received N30 million through Medinus Mildred Oluba's account from Ebenco Enterprises, another contractor.

Additionally, the EFCC claims Dikko kept N10 million from Dogai Global Resources, another refinery contractor, and N4.75 million from Gasontex Limited.

The EFCC also alleged that Dikko and Masterpiece Projects & Investment Limited concealed N328.71 million paid by OMSA Integrated Services Limited from transactions involving NNPC’s export allocation of Vacuum Gas Oil.

Other charges say he received N59.2 million transferred to Masterpiece Projects & Investment Limited, arranged for 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 got N20 million via a GTBank account operated by his son, Ahmed Ahmed Dikko.

Count 11 of the charge says: "That you AHMED ADAMU DIKKO, former Managing Director of 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 an offence contrary to section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under section 18(3) of the same Act."

The EFCC described the funds as proceeds of "unlawful activities" and said the transactions broke several rules of the Money Laundering (Prevention and Prohibition) Act, 2022.

Charges Against Jimoh Yisawu

In a separate eight-count charge, the EFCC accused Jimoh Yisawu, former WRPC Managing Director, of laundering large amounts of money through third parties and making cash payments that are not allowed.

The commission claims that between October 2023 and May 2025, Yisawu converted $789,950 through one Samaila Bala. Prosecutors say this amount cannot be traced to any legitimate earnings from his time as a public officer.

He is also accused of making cash payments totaling that same amount without using banks for the transactions.

Another charge says that between February 2024 and March 2025, he converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures and also made cash payments above the legal limit.

The EFCC also says Yisawu received N25.56 million from JKpeez Impex Co., a contractor linked to an NNPC subsidiary, transferred N65.86 million to Cordros Securities Limited for buying treasury bills, kept N15 million paid by Ebenco Global Link Limited through a Stanbic IBTC account, and retained another N3 million from the same contractor.

Prosecutors say these transactions involved money from illegal activities and broke both the Money Laundering (Prohibition) Act, 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act, 2022.