Economic and Financial Crimes Commission (EFCC) has charged former managing director of the Port Harcourt Refining Company (PHRC) Ahmed Dikko and former managing director of the Warri Refining and Petrochemical Company (WRPC) Jimoh Yisawu over alleged diversion of funds meant for the rehabilitation of Nigeria’s refineries.
According to court documents, the anti-graft agency filed a 12-count charge against Mr Dikko and an eight-count charge against Mr Yisawu before a Federal Capital Territory High Court in Abuja on June 22.
The EFCC accused both former refinery heads of money laundering, abuse of office, receiving funds from contractors handling refinery maintenance projects, concealing proceeds of unlawful activities and carrying out cash transactions that violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges are the latest development in the commission’s ongoing investigation into the multi-billion-naira refinery rehabilitation programme handled by the Nigerian National Petroleum Company Limited (NNPCL).
On Saturday, EFCC recovered over N9.4 billion, $21.2 million and several landed properties linked to the investigation. Based on the Central Bank of Nigeria’s (CBN) exchange rate, the recovered funds are estimated at about N38.66 billion.
According to the charge sheet, Dikko allegedly carried out multiple transactions involving funds traced to contractors engaged for maintenance work at the Port Harcourt refinery.
One of the charges alleged that in February 2024, while serving as managing director of PHRC, he made a cash payment of N218.3 million to purchase a property located in Katampe Extension, Abuja, without passing through a financial institution as required by law.
The EFCC also accused him of retaining N100 million allegedly paid by 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.
Prosecutors further alleged that he retained another N90 million through a GTBank account and concealed the source of another N90 million by routing the funds through an Access Bank account belonging to Aisha Dikko.
The commission also alleged that he received N30 million through an account belonging to another individual, retained N10 million allegedly paid by Dogai Global Resources and kept N4.75 million received from Gasontex Limited, both contractors connected to refinery operations.
Another charge alleged that Ahmed Dikko converted $77,080 between October 2022 and May 2025 through one Ibrahim Yaro, an amount prosecutors said did not form part of his lawful earnings as a public officer.
In a separate case, the EFCC accused Yisawu of laundering funds through third parties and making cash transactions above the limits allowed by law.
According to court filings, he allegedly converted $789,950 between October 2023 and May 2025 through one Samaila Bala, while prosecutors said the funds could not be traced to legitimate earnings.
He was also accused of converting another $122,600 through Rasheed Yusuf between February 2024 and March 2025.
The EFCC further alleged that Jimoh Yisawu used N25.56 million received from JKpeez Impex Co., a contractor linked to an NNPC subsidiary and transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills and retained N15 million and another N3 million allegedly paid by contractor Ebenco Global Link Limited.
According to reports, the broader EFCC investigation centres on contracts worth about $2.79 billion awarded between 2021 and 2023 for the rehabilitation of Nigeria’s Port Harcourt, Warri and Kaduna refineries.
The contracts included about $1.56 billion for the Port Harcourt refinery, $492.3 million for the Warri refinery and $740.7 million for Kaduna refinery repairs.
Investigators said despite the large sums released for the projects, there has been little evidence of corresponding improvement in refinery operations, raising concerns that substantial parts of the funds may have been diverted.
The investigation has so far involved the questioning of more than 30 NNPC officials and over 50 contractors connected to the refinery projects, with the EFCC expected to file more charges as the probe continues.