The Economic and Financial Crimes Commission (EFCC) has charged the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and his counterpart at the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, with money laundering. These charges stem from the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s moribund refineries.
Court documents reveal that the anti-graft agency filed a 12-count charge against Mr. Dikko and an eight-count charge against Mr. Yisawu before the High Court of the Federal Capital Territory (FCT), Abuja, on 22 June.
The commission accused both former refinery chiefs of abusing their offices by allegedly laundering proceeds of unlawful activities. They are also accused of receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL), operating accounts used to conceal illicit funds, and making large cash transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
These charges represent the latest development in the EFCC’s extensive investigation into the multi-billion-naira turnaround maintenance programme for Nigeria’s refineries. This probe has already led to the recovery of billions of naira, millions of dollars, and several properties from former officials of the national oil company.
The EFCC has recovered over N9.4 billion, $21.2 million, and several landed properties in its ongoing investigation into the alleged diversion of funds. These funds were released for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
Based on the Central Bank of Nigeria’s official market rate of N1,380/$1 posted on Friday, the $21.2 million recovered is approximately N29.26 billion. This brings the total amount recovered so far to N38.66 billion.
These recoveries are part of what investigators describe as one of the most extensive probes into the management of billions of dollars committed to reviving the country’s moribund refineries. Nigeria has four state-run refineries, including two in Port Harcourt, which together form the Port Harcourt Refining Company, with a combined installed capacity of 210,000 barrels per day (bpd).
The Kaduna Refining and Petrochemical Company Limited has an installed capacity of 110,000 bpd, while the Warri Refining and Petrochemical Company Limited has an installed capacity of 125,000 bpd. All four refineries have a combined installed capacity of 445,000 bpd. Despite significant cash released by different governments aimed at getting the plants to run optimally for many years, the refineries have consistently failed to serve their objectives.
Case against Ahmed Dikko
According to the charge sheet, prosecutors alleged that Mr. Dikko engaged in multiple transactions involving proceeds of unlawful activities linked to contractors handling refinery maintenance projects.
One of the counts alleged that in February 2024, while serving as Managing Director of PHRC, he made a cash payment equivalent to N218.375 million to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja. This transaction was allegedly conducted without passing through a financial institution, contrary to the Money Laundering Act.
The EFCC also accused him of retaining N100 million allegedly received from Ebenco Global Link Limited, a contractor to PHRC, in a Fidelity Bank account between October 2022 and October 2023. He allegedly knew these funds were proceeds of unlawful activity.
In separate counts, prosecutors alleged that Mr. Dikko retained N90 million allegedly paid by Ebenco Global Link Limited through a GTBank account. He is also accused of concealing the origin of another N90 million by routing the funds through an Access Bank account belonging to Aisha Ahmed Dikko.
Further allegations include receiving N30 million through the account of Medinus Mildred Oluba from Ebenco Enterprises, another contractor. Additionally, Mr. Dikko is accused of retaining N10 million allegedly paid by Dogai Global Resources, also a refinery contractor, and retaining N4.75 million received from Gasontex Limited.
The commission further alleged that Mr. Dikko and Masterpiece Projects & Investment Limited concealed the origin of funds. Other counts alleged that he received N59.2 million from funds transferred to Masterpiece Projects & Investment Limited, procured Ebenezar Oluwagbemiga of Ebenco Global Link Limited to receive N356.41 million on his behalf, converted $77,080 through Ibrahim Isa Yaro between October 2022 and May 2025, and received N20 million.
