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 and Warri Refining and Petrochemical Company, over the alleged diversion of funds allocated for the rehabilitation of Nigeria’s refineries.
According to reports, the anti-graft agency filed separate charges against both former refinery chiefs at the high court of the Federal Capital Territory in Abuja on June 22.
Dikko is facing a 12-count charge, while Yisawu is facing 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 Nigerian National Petroleum Company Limited, concealed the source of part of the funds through third-party accounts, and carried out transactions that violated the Money Laundering (Prevention and Prohibition) Act, 2022.
Among the allegations against Dikko is the claim that he paid about N218.4 million in cash for a property in Katampe Extension, Abuja, in February 2024 without going through a financial institution, contrary to the law.
The commission also alleged that he received and retained hundreds of millions of naira from companies linked to refinery maintenance contracts and converted $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 and made cash payments above the legal threshold.
Prosecutors further claimed that the former WRPC managing director converted an additional $122,600 through a third party, 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 refineries.
The commission said it has so far recovered more than N9.4 billion, $21.2 million, and several landed properties in connection with the investigation.