…Dikko, Yisawu face 20 counts of money laundering, illegal cash deals, and concealment tied to NNPC contracts
The Economic and Financial Crimes Commission, EFCC, has arraigned the former Managing Directors of Port Harcourt Refining Company and Warri Refining and Petrochemical CCompany for alleged diversion of funds meant for Nigeria’s refinery rehabilitation.
Ahmed Dikko, ex-MD of PHRC, and Jimoh Yisawu, ex-MD of WRPC, were charged separately before the High Court of the Federal Capital Territory in Abuja on June 22. Dikko faces a 12-count charge, while Yisawu is answering an 8-count charge — 20 counts in total.
The charges border on money laundering, unlawful cash transactions, concealment of illicit funds, and abuse of office under the Money Laundering (Prevention and Prohibition) Act, 2022.
—The Allegations Against Dikko—
EFCC alleges that Dikko received and retained payments from contractors engaged by NNPC Ltd for refinery turnaround projects, then concealed the source of the funds using third-party accounts.
—Key counts include—
1. N218.4m cash property deal: Paying for a property in Katampe Extension, Abuja, in February 2024 without routing it through a financial institution, in breach of statutory cash limits.
2. $77,080 conversion: Allegedly converting the sum through a third party between October 2022 and May 2025.
3. Contractor funds: Receiving hundreds of millions of naira linked to refinery maintenance contracts and failing to account for them.
—The Allegations Against Yisawu—
Yisawu is accused of moving nearly $1m through proxies and keeping millions tied to WRPC contracts.
EFCC’s case alleges he:
1. Converted $789,950 through an associate between October 2023 and May 2025.
2. Converted another $122,600 through a separate third party within the same period.
3. Broke cash thresholds and invested part of the alleged proceeds in treasury bills.
Both men are also accused of retaining funds received from refinery contractors in violation of anti-money laundering rules.
—EFCC’s Wider Refinery Probe—
The cases are part of an ongoing EFCC investigation into the use of funds approved for rehabilitation and turnaround maintenance of Nigeria’s three state-owned refineries under NNPC Ltd.
According to the commission, the probe has so far led to the recovery of *over N9.4 billion, $21.2 million, and several landed properties*.
Neither Dikko nor Yisawu had entered a plea as of press time. The EFCC says it will seek forfeiture of assets linked to the alleged proceeds if convicted.
