EFCC Drags Former Port Harcourt, Warri Refinery MDs To Court Over Alleged Fraud

The Economic and Financial Crimes Commission (EFCC) has instituted separate money laundering cases against the immediate past Managing Directors of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu.....KINDLY READ THE FULL STORY HERE▶

The anti-graft agency alleged that both former refinery chiefs diverted funds allocated for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries.

Court documents show that the EFCC filed a 12-count charge against Dikko and an eight-count charge against Yisawu at the High Court of the Federal Capital Territory (FCT), Abuja, on June 22.

The commission accused the former executives of abuse of office, laundering proceeds of alleged unlawful activities, receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL), concealing the origin of illicit funds and carrying out cash transactions above the legal threshold contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The prosecution represents the latest stage of the EFCC’s ongoing investigation into the multi-billion-naira refinery rehabilitation programme.

As part of the probe, the commission previously announced the recovery of more than ₦9.4 billion, $21.2 million and several landed properties believed to be linked to the alleged fraud.

Using the Central Bank of Nigeria’s official exchange rate of ₦1,380 to the dollar, the recovered foreign currency is valued at approximately ₦29.26 billion, bringing the total cash recovery to about ₦38.66 billion.

Investigators described the case as one of the most far-reaching investigations into funds released for the rehabilitation of Nigeria’s refineries.

Nigeria operates four government-owned refineries, including two facilities in Port Harcourt with a combined installed refining capacity of 210,000 barrels per day. The Kaduna Refining and Petrochemical Company has a capacity of 110,000 barrels daily, while the Warri refinery is designed to process 125,000 barrels per day. Despite repeated government investments, the facilities have continued to perform below expectations.

In the charge against Dikko, the EFCC alleged that he conducted several transactions involving proceeds linked to contractors handling refinery rehabilitation projects.

One of the counts claimed that in February 2024, while serving as PHRC Managing Director, he paid the equivalent of ₦218.375 million in cash to acquire a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without using a financial institution.

The commission also alleged that between October 2022 and October 2023, Dikko retained ₦100 million allegedly received from Ebenco Global Link Limited, a contractor with PHRC, in a Fidelity Bank account.

According to the charge, he also kept another ₦90 million allegedly paid by the same contractor through a Guaranty Trust Bank account and concealed the source of an additional ₦90 million by transferring it through an Access Bank account belonging to Aisha Ahmed Dikko.

The EFCC further alleged that Dikko received ₦30 million through an account operated by Medinus Mildred Oluba from Ebenco Enterprises, another refinery contractor. He was also accused of retaining ₦10 million from Dogai Global Resources and ₦4.75 million from Gasontex Limited.

The commission further claimed that Dikko, alongside Masterpiece Projects & Investment Limited, concealed the source of ₦328.71 million allegedly paid by OMSA Integrated Services Limited from transactions involving NNPC’s allocation of Vacuum Gas Oil for export.

Other charges alleged that he received ₦59.2 million through Masterpiece Projects & Investment Limited, directed Ebenezar Oluwagbemiga of Ebenco Global Link Limited to receive ₦356.41 million on his behalf, converted $77,080 through Ibrahim Isa Yaro between October 2022 and May 2025, and received ₦20 million through a GTBank account operated by his son, Ahmed Ahmed Dikko.

One of the counts specifically alleged that the $77,080 converted through Ibrahim Isa Yaro could not be traced to Dikko’s legitimate earnings as a public official.

In a separate eight-count charge, the EFCC accused former WRPC Managing Director Jimoh Yisawu of laundering substantial sums through third parties and making cash payments that exceeded statutory limits.

The agency alleged that between October 2023 and May 2025, Yisawu converted $789,950 through one Samaila Bala, funds prosecutors claimed were not linked to his lawful income. He was also accused of making cash payments of the same amount outside the banking system.

The commission further alleged that between February 2024 and March 2025, Yisawu converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures and carried out cash transactions above the legal threshold.

Additional counts alleged that he utilised ₦25.56 million received from JKpeez Impex Co., a contractor associated with an NNPC subsidiary, transferred ₦65.86 million to Cordros Securities Limited for the purchase of treasury bills, retained ₦15 million allegedly received from Ebenco Global Link Limited through a Stanbic IBTC Bank account and kept another ₦3 million from the same contractor.

According to the EFCC, the transactions involved proceeds of alleged unlawful activities and breached the provisions of both the Money Laundering (Prohibition) Act, 2011 (as amended), and the Money Laundering (Prevention and Prohibition) Act, 2022.