Alleged Money Laundering: EFCC arraigns ex-Port Harcourt, Warri refinery Managing Directors

The Economic and Financial Crimes Commission, EFCC, has arraigned two former Managing Directors of Nigeria’s-owned Port Harcourt and Warri refineries over alleged money laundering linked to refinery rehabilitation funds.

The EFCC filed charges against the immediate past Managing Directors; Ahmed Adamu Dikko, and Jimoh Yisawu, over the alleged diversion and laundering of funds meant for refinery maintenance and rehabilitation before the High Court of the Federal Capital Territory, Abuja.

According to the suit, Dikko is facing a 12-count charge, while Yisawu is facing an eight-count charge.

The anti-graft agency alleged that both of them abused their positions by allegedly receiving funds from contractors handling refinery rehabilitation projects, concealing suspicious payments, and carrying out large cash transactions outside financial institutions in breach of Nigeria’s anti-money laundering laws.

The Commission recently recovered over N9.4 billion, $21.2 million, and several landed properties linked to the ongoing probe into refinery rehabilitation funds, noting that the case is one of the biggest corruption investigations involving the country’s oil sector in recent years.

The court’s documents alleged that Dikko allegedly engaged in multiple suspicious transactions involving contractors working with the Port Harcourt refinery.

One of the charges stated that in February 2024, he allegedly paid N218.375 million in cash for a property in Katampe Extension, Abuja, without routing the payment through a financial institution.

The EFCC said the transaction violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

Prosecutors also accused him of retaining large sums allegedly received from contractors linked to refinery projects.

These include N100 million, N90 million, another N90 million routed through a third party, and several other payments running into hundreds of millions of naira.

The anti-graft agency further alleged that Dikko concealed the source of N328.71 million connected to transactions involving NNPC’s allocation of Vacuum Gas Oil for export.

He was also accused of receiving funds through proxies and converting $77,080 through another individual.

The EFCC said the funds could not be traced to his legitimate earnings as a public officer.

In a separate case, former WRPC Managing Director Jimoh Yisawu was accused of laundering large sums through third parties and making cash payments above legal limits.

According to the EFCC, Yisawu allegedly converted $789,950 through one associate between October 2023 and May 2025.

The commission said the funds were not linked to his lawful income.

He was also accused of converting an additional $122,600 through another individual.

Prosecutors further alleged that he retained millions of naira paid by contractors and transferred N65.86 million for treasury bill purchases.

The EFCC said the transactions breached both the Money Laundering Act, 2011, and the Money Laundering (Prevention and Prohibition) Act, 2022.

Alleged Money Laundering: EFCC arraigns ex-Port Harcourt, Warri refinery Managing Directors