The Economic and Financial Crimes Commission (EFCC) has filed separate money laundering charges against former Managing Directors of the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC), Ahmed Dikko and Jimoh Yisawu, over the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s refineries.
According to court documents filed at the High Court of the Federal Capital Territory (FCT) in Abuja on June 22, Dikko is facing a 12-count charge, while Yisawu is standing trial on an eight-count charge bordering on alleged money laundering, unlawful cash transactions, concealment of illicit funds and abuse of office.
The EFCC alleged that Dikko received and retained funds from contractors engaged by the Nigerian National Petroleum Company (NNPC) Limited for refinery rehabilitation projects and concealed the source of part of the money through third-party accounts in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Among the allegations is that Dikko 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 law.
The anti-graft agency also accused him of receiving hundreds of millions of naira from companies linked to refinery maintenance contracts and converting $77,080 through a third party between October 2022 and May 2025.
In a separate case, the EFCC alleged that Yisawu converted $789,950 through an associate between October 2023 and May 2025, carried out cash transactions beyond the legal threshold and converted an additional $122,600 through another third party.
The commission further claimed that the former Warri refinery boss retained millions of naira allegedly 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 alleged diversion of funds approved for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries.
According to the commission, the investigation has so far led to the recovery of more than N9.4 billion, $21.2 million and several landed properties.
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