ABUJA — The Economic and Financial Crimes Commission (EFCC) has filed formal money laundering charges against the immediate past managing directors of two of Nigeria’s primary state-owned refineries.Ahmed Adamu Dikko, formerly of the Port Harcourt Refining Company (PHRC), and Jimoh Olasunkanmi Yisawu, formerly of the Warri Refining and Petrochemical Company (WRPC), are accused of diverting and laundering funds intended for the critical turnaround maintenance of these facilities.
N38.66bn Recovered: EFCC Files 20 Counts vs Ex-MDs
• Charges: Dikko 12-count. Yisawu 8-count. Filed June 22 FCT Abuja
• Dikko: N218.375m cash property. N100m + N90m + N30m + N20m alleged
• Yisawu: $789,950 via Samaila Bala. N65.86m treasury bills
• Recovery: N9.4bn + $21.2m + properties. Total ~N38.66bn
Court documents reviewed by this news outlet indicate that the anti-graft agency filed a 12-count charge against Mr. Dikko and an eight-count charge against Mr. Yisawu before the High Court of the Federal Capital Territory (FCT), Abuja, on June 22. The charges follow an extensive investigation into the multi-billion-naira maintenance programs that have failed to restore Nigeria's refineries to operational capacity.
Allegations Against Ahmed Dikko
Prosecutors allege that Mr. Dikko engaged in numerous transactions involving proceeds of unlawful activities connected to contractors handling refinery maintenance. Among the specific allegations, the EFCC claims that in February 2024, Mr. Dikko made a cash payment of N218.375 million to purchase a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, bypassing financial institutions in direct violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
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The prosecution further asserts that Mr. Dikko retained N100 million in a Fidelity Bank account between October 2022 and October 2023, money allegedly received from a refinery contractor, Ebenco Global Link Limited. Additional counts detail further alleged illicit receipts, including N90 million via a GTBank account, N30 million through an account belonging to Medinus Mildred Oluba, and N20 million routed through an account operated by his son. The EFCC also contends that Mr. Dikko and Masterpiece Projects & Investment Limited concealed the source of N328.71 million paid by OMSA Integrated Services Limited, linked to NNPC’s allocation of Vacuum Gas Oil for export.
Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko
Charges Against Jimoh Yisawu
In the separate eight-count charge, Mr. Yisawu is accused of laundering substantial sums through third-party individuals and entities. Investigators allege that between October 2023 and May 2025, Mr. Yisawu converted $789,950 through Samaila Bala, funds prosecutors contend cannot be traced to his legitimate earnings as a public officer. Similar to the charges against Mr. Dikko, the EFCC alleges that Mr. Yisawu executed cash payments exceeding the statutory threshold without routing them through regulated financial institutions.
Additional accusations include the unauthorized use of N25.56 million received from JKpeez Impex Co., a contractor linked to an NNPC subsidiary, and the transfer of N65.86 million to Cordros Securities Limited for the purchase of treasury bills. The EFCC alleges that these transactions were facilitated to conceal the origins of proceeds of unlawful activities, breaching both the 2011 and 2022 Money Laundering Acts.
Broader Investigation into Refinery Fraud
These filings are the latest in a wider crackdown by the EFCC on the management of Nigeria’s refinery rehabilitation projects. While the government has committed vast financial resources to reviving the refineries which hold a combined installed capacity of 445,000 barrels per day the facilities have largely remained dormant.
The commission’s ongoing investigation has already led to the recovery of over N9.4 billion, $21.2 million, and several landed properties from various officials involved in the national oil company’s maintenance programs.These recoveries, valued at approximately N38.66 billion at current official exchange rates, highlight the scale of the alleged systemic diversion of funds that has plagued the sector for years.
