The Economic and Financial Crimes Commission (EFCC) has filed separate money laundering charges against the immediate past managing directors of the Port Harcourt Refining Company (PHRC) and the Warri Refining and Petrochemical Company (WRPC), alleging they diverted and laundered funds linked to Nigeria’s refinery rehabilitation programme.
Court documents reviewed by PREMIUM TIMES show that the anti-graft agency filed a 12-count charge against former PHRC Managing Director Ahmed Adamu Dikko and an eight-count charge against former WRPC Managing Director Jimoh Olasunkanmi Yisawu before the High Court of the Federal Capital Territory (FCT), Abuja, on June 22.
The prosecutions form part of the EFCC’s wider investigation into billions of naira spent on the turnaround maintenance of Nigeria’s state-owned refineries.
According to the charge sheets, the EFCC accused both former refinery chiefs of abusing their positions by laundering proceeds of unlawful activities, receiving funds from contractors handling refinery rehabilitation projects and concealing the origin of the money through multiple bank accounts and third parties.
The commission also alleged that the former officials made cash transactions above the limits permitted under the Money Laundering (Prevention and Prohibition) Act, 2022.
The latest charges come days after the EFCC announced the recovery of more than ₦9.4 billion, $21.2 million and several landed properties in connection with its ongoing investigation into the refinery rehabilitation programme.
Prosecutors alleged that while serving as Managing Director of the Port Harcourt Refining Company, Dikko carried out several financial transactions involving funds suspected to be proceeds of unlawful activities.
Among the allegations is the purchase of a property at Katampe Extension in Abuja through a cash payment of approximately ₦218.4 million in February 2024 without using a financial institution, contrary to the provisions of Nigeria’s anti-money laundering law.
The EFCC also accused him of retaining millions of naira allegedly received from contractors, including Ebenco Global Link Limited, Dogai Global Resources and Gasontex Limited, through accounts maintained with Fidelity Bank, GTBank and Access Bank.
Investigators further alleged that he concealed the origin of funds through third-party accounts, received contractor payments through associates and family members, and converted $77,080 through another individual between October 2022 and May 2025.
In addition, the commission alleged that Dikko and Masterpiece Projects & Investment Limited concealed more than ₦328 million linked to transactions involving NNPC’s allocation of Vacuum Gas Oil for export.
The EFCC also accused former Warri Refining and Petrochemical Company Managing Director Jimoh Yisawu of laundering large sums of money through intermediaries and making prohibited cash payments.
According to the charge, Yisawu allegedly converted $789,950 through a third party between October 2023 and May 2025, an amount investigators said could not be traced to his lawful earnings as a public officer.
He also faces allegations of converting another $122,600 through another associate while making cash payments outside the limits prescribed by law.
The anti-graft agency further alleged that he retained millions of naira received from refinery contractors, including payments from JKpeez Impex Co. and Ebenco Global Link Limited, and transferred ₦65.86 million to Cordros Securities Limited for the purchase of treasury bills.
The prosecution is part of the EFCC’s ongoing probe into billions of dollars allocated over the years for the rehabilitation of Nigeria’s four state-owned refineries.
Nigeria operates two refineries in Port Harcourt with a combined installed capacity of 210,000 barrels per day, alongside facilities in Warri and Kaduna. Together, the four refineries have a combined installed capacity of 445,000 barrels per day.
Despite repeated government investments and multiple turnaround maintenance projects over the years, the facilities have struggled to operate at optimal capacity.
The charges against the former refinery executives represent the latest phase of the EFCC’s investigation into the management of public funds earmarked for reviving Nigeria’s domestic refining sector. The allegations remain before the court, and the defendants are entitled to respond to the charges through the judicial process.
