The Economic and Financial Crimes Commission (EFCC) has filed money laundering charges against the immediate past managing directors of the Port Harcourt and Warri refineries over the alleged diversion and concealment of funds linked to the controversial rehabilitation of Nigeria’s state-owned refineries.
Court documents filed before the Federal Capital Territory High Court in Abuja show that the anti-graft agency brought a 12-count charge against former Managing Director of the Port Harcourt Refining Company, Ahmed Adamu Dikko, and an eight-count charge against former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu.
The charges, filed on June 22, form part of the EFCC’s widening investigation into billions of naira spent on the turnaround maintenance of Nigeria’s moribund refineries.
The commission alleges that both former refinery chiefs received and concealed proceeds of unlawful activities, laundered funds through third parties, operated accounts used to disguise illicit transactions and conducted large cash transactions outside the banking system in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Investigators have already recovered more than N9.4 billion, $21.2 million and several landed properties in the ongoing refinery maintenance probe, bringing the total value of recoveries to approximately N38.66 billion.
Dikko accused of using contractors, relatives, associates
The EFCC alleged that Dikko received and concealed funds traced to contractors engaged by the Port Harcourt refinery.
One of the charges accused him of paying N218.38 million in cash in February 2024 for a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without using a financial institution as required by law.
The anti-graft agency further alleged that between October 2022 and October 2023, Dikko retained N100 million allegedly received from Ebenco Global Link Limited, a contractor to the refinery, through a Fidelity Bank account.
According to the charge sheet, he also retained another N90 million allegedly paid by the same contractor through a GTBank account and allegedly concealed the source of an additional N90 million by routing the funds through an Access Bank account belonging to Aisha Ahmed Dikko.
The EFCC further accused the former refinery boss of receiving N30 million through the account of Medinus Mildred Oluba from Ebenco Enterprises, as well as retaining N10 million allegedly paid by Dogai Global Resources and N4.75 million allegedly received from Gasontex Limited.
The commission also alleged that Dikko and Masterpiece Projects and Investment Limited concealed the source of N328.71 million paid by OMSA Integrated Services Limited in transactions connected to NNPC’s allocation of Vacuum Gas Oil for export.
Other allegations include receiving N59.2 million through transfers to Masterpiece Projects and Investment Limited, procuring an associate, Ebenezar Oluwagbemiga of Ebenco Global Link Limited, to receive N356.41 million on his behalf and receiving N20 million through a GTBank account operated by his son.
The EFCC further alleged that between October 2022 and May 2025, Dikko converted $77,080 through one Ibrahim Isa Yaro, funds investigators said could not be traced to his legitimate earnings as a public official.
Yisawu accused of laundering nearly $1 million
In the separate case against former Warri refinery Managing Director Jimoh Yisawu, the EFCC alleged that he laundered large sums of money through proxies and conducted prohibited cash transactions.
According to the charges, Yisawu converted $789,950 through one Samaila Bala between October 2023 and May 2025. Prosecutors alleged that the funds could not be linked to his lawful earnings as a public officer.
The commission also accused him of making cash payments amounting to the same sum without passing through financial institutions.
The EFCC further alleged that between February 2024 and March 2025, Yisawu converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures and similarly conducted cash transactions above the legal threshold.
Investigators also alleged that he retained N25.56 million received from JKpeez Impex Company, a contractor linked to an NNPC subsidiary, transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills and retained N15 million and another N3 million allegedly received from Ebenco Global Link Limited through a Stanbic IBTC account.
The commission said the transactions constituted proceeds of unlawful activities and violated provisions of both the Money Laundering (Prohibition) Act, 2011, and the Money Laundering (Prevention and Prohibition) Act, 2022.
Wider refinery probe
The charges represent the latest development in the EFCC’s sweeping investigation into the management of billions of dollars allocated for the rehabilitation of Nigeria’s four state-owned refineries.
Despite successive governments approving massive funding for turnaround maintenance, the country’s refineries — with a combined installed capacity of 445,000 barrels per day — have remained largely non-functional for years.
The ongoing investigation has become one of the largest anti-corruption probes involving Nigeria’s oil sector in recent years, with investigators tracing cash, foreign currency and assets allegedly linked to the refinery rehabilitation programme.
The defendants are yet to enter their pleas before the court.
