THE Economic and Financial Crimes Commission (EFCC) has charged the immediate past managing directors of the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC), Ahmed Adamu Dikko and Jimoh Olasunkanmi Yisawu, respectively, with money laundering over the alleged diversion of funds earmarked for the rehabilitation of refineries.
Premium Times reported court documents and briefs as showing that EFCC filed a 12-count charge against Dikko and an eight-count charge against Yisawu before the High Court of the Federal Capital Territory (FCT), Abuja, on Monday, June 22.
The anti-graft agency accused both of abusing their offices by allegedly laundering proceeds of unlawful activities, receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL), operating accounts used to conceal illicit funds and making large cash transactions, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges followed EFCC’s extensive investigation into the multi-billion-naira turnaround maintenance project for Nigeria’s refineries, which has so far led to the recovery of billions of naira, millions of dollars and several properties from former NNPCL officials.
It had earlier reported on that the agency recovered over N9.4billion, $21.2million (approximately N29.26 billion, bringing the total amount recovered so far to N38.66billion) and several landed properties in an ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of the refineries.
According to the charge sheet, prosecutors alleged that Dikko engaged in multiple transactions involving proceeds of unlawful activities linked to contractors handling refinery maintenance projects.
One of the counts alleged that in February 2024, while serving as managing director of PHRC, Dikko made a cash payment equivalent to N218.375million to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, contrary to the Money Laundering Act.
It also accused him of retaining N100million allegedly received from Ebenco Global Link Limited, a contractor to PHRC, in a Fidelity Bank account between October 2022 and October 2023, knowing the funds were proceeds of unlawful activity.
In separate counts, prosecutors alleged that Dikko retained N90million allegedly paid by Ebenco Global Link Limited through a GTBank account; concealed the origin of another N90million by routing the funds through an Access Bank account belonging to Aisha Ahmed Dikko; and received N30million through the account of Medinus Mildred Oluba from Ebenco Enterprises, another contractor.
The persecutors accused Dikko of retaining N10million allegedly paid by Dogai Global Resources, a refinery contractor, and also retained N4.75million received from Gasontex Limited.
EFCC further alleged that Dikko and Masterpiece Projects and Investment Limited concealled the source of N328.71million paid by OMSA Integrated Services Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export.
He also allegedly received N59.2million from funds transferred to Masterpiece Projects and Investment Limited; procured Ebenezer Oluwagbemiga of Ebenco Global Link Limited to receive N356.41million on his behalf; converted $77,080 through Ibrahim Isa Yaro between October 2022 and May 2025; and received N20million through a GTBank account operated by his son, Ahmed Dikko.
Count 11 of the charge reads: “That you, AHMED ADAMU DIKKO, former managing director o f 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 a n offence contrary to section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under section 18(3) o f the same Act.”
EFCC described the funds as proceeds of “unlawful activities” and that the transactions breached various provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the separate eight-count charge, the EFCC accused former WRPC managing director, Jimoh Yisawu, of laundering large sums of money through third parties and making prohibited cash payments.
It alleged that between October 2023 and May 2025, Yisawu converted $789,950 through one Samaila Bala, an amount prosecutors said could not be traced to his legitimate earnings as a public officer.
He was also accused of making cash payments amounting to the same sum without routing the transactions through financial institutions.
Another set of charges alleged that between February 2024 and March 2025, he converted an additional $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, and similarly made cash payments exceeding the statutory threshold.
The EFCC further alleged that Yisawu used N25.56million received from JKpeez Impex Co., a contractor linked to an NNPC subsidiary; transferred N65.86million to Cordros Securities Limited for the purchase of treasury bills; retained N15million allegedly paid by Ebenco Global Link Limited through a Stanbic IBTC account; and retained another N3million from the same contractor.
According to prosecutors, the transactions involved proceeds of unlawful activities and violated both the Money Laundering (Prohibition) Act, 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act, 2022.
