EFCC Files Money Laundering Charges Against Ex-PHRC MD Dikko, WRPC MD Yisawu Over Refinery Funds
The Economic and Financial Crimes Commission (Economic and Financial Crimes Commission) has filed separate money-laundering charges against two former top officials of Nigeria’s state refinery system, escalating its investigation into alleged diversion of funds meant for refinery rehabilitation projects.
The accused are the former Managing Director of the Port Harcourt Refining Company (Port Harcourt Refining Company), Ahmed Adamu Dikko, and his counterpart at the Warri Refining and Petrochemical Company (Warri Refining and Petrochemical Company), Jimoh Olasunkanmi Yisawu.
The charges were filed at the High Court of the Federal Capital Territory, Abuja, as part of a broader probe into the turnaround maintenance programme for Nigeria’s refineries, which are operated under the Nigerian National Petroleum Company Limited (Nigerian National Petroleum Company Limited).
According to court filings dated June 22, 2026, the EFCC filed a 12-count charge against Dikko and an eight-count charge against Yisawu. The commission alleges that both men abused their offices, received illicit payments from contractors handling refinery projects, and engaged in financial transactions designed to conceal proceeds of unlawful activity, in violation of Nigeria’s Money Laundering laws.
In the case involving Dikko, prosecutors alleged multiple suspicious transactions, including:
● A cash property payment of about N218.375 million in Abuja without using a financial institution
● Retention of large sums allegedly linked to contractors such as Ebenco Global Link Limited
● Multiple transfers routed through various bank accounts said to be used to conceal the origin of funds
● Conversion of foreign currency and receipt of funds through third-party accounts, including family-linked accounts
EFCC also alleged that over N300 million tied to refinery-related transactions was concealed through corporate structures and contractor-linked payments.
For Yisawu, the EFCC accused him of laundering large foreign currency sums through intermediaries and making cash payments above legal limits. The allegations include:
● Conversion of over $700,000 through third parties between 2023 and 2025
● Additional conversion of more than $100,000 within another period
● Transfers into investment and securities accounts, including treasury bill purchases
●Receipt and retention of millions of naira from contractors linked to NNPC-related projects
The case forms part of a wider EFCC investigation into alleged mismanagement of funds allocated for Nigeria’s refinery rehabilitation programme. The agency has reportedly recovered over N9.4 billion, $21.2 million, and multiple properties linked to the ongoing probe.
Using the Central Bank of Nigeria exchange rate of N1,380 to $1, the recovered funds are estimated at about N38.66 billion in total value.
Nigeria operates four major state-owned refineries with a combined installed capacity of 445,000 barrels per day, but they have largely remained underperforming despite repeated rehabilitation funding over the years.
Both defendants are presumed innocent until proven guilty by a court of law.
