EFCC Arraigns Ex-Refinery Chiefs Over Alleged Laundering of Rehabilitation Funds

The Economic and Financial Crimes Commission, EFCC, has arraigned two former managing directors of state-owned refineries on charges of alleged money laundering tied to refinery rehabilitation funds. 

Ahmed Adamu Dikko, former managing director of the Port Harcourt Refining Company, PHRC, faces a 12-count charge before the High Court of the Federal Capital Territory. Jimoh Olasunkanmi Yisawu, former managing director of the Warri Refining and Petrochemical Company, WRPC, faces an eight-count charge, according to court filings reported by _Politics Nigeria_. 

The EFCC accused both men of abusing their offices by receiving funds from contractors handling refinery maintenance, concealing suspicious payments and conducting large cash transactions outside financial institutions, in violation of Nigeria’s anti-money laundering laws. 

*Allegations Against Dikko* 

Prosecutors alleged that in February 2024, Dikko paid 218.375 million naira in cash for property in Katampe Extension, Abuja, without using a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act of 2022. 

He was also accused of retaining millions of naira allegedly received from contractors, including 100 million naira, 90 million naira and another 90 million naira routed through a third party. The EFCC further alleged he concealed 328.71 million naira linked to transactions involving the Nigerian National Petroleum Company’s allocation of Vacuum Gas Oil for export, received funds through proxies and converted 77,080 dollars through another person. 

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

*Allegations Against Yisawu* 

Yisawu was accused of laundering money through third parties and making cash payments above legal limits. The EFCC alleged he converted 789,950 dollars through an associate between October 2023 and May 2025, and an additional 122,600 dollars through another individual. 

Prosecutors also said he retained millions of naira paid by contractors and transferred 65.86 million naira for treasury bill purchases, in breach of the Money Laundering Act of 2011 and the 2022 act. 

*Wider Probe* 

The charges are part of a broader investigation into billions of naira released for turnaround maintenance of Nigeria’s refineries, the EFCC said. The commission said it has recovered 9.4 billion naira, 21.2 million dollars and several properties linked to the probe. 

Nigeria’s four state-owned refineries in Port Harcourt, Warri and Kaduna have a combined capacity of 445,000 barrels per day but have remained largely non-functional despite repeated government spending on rehabilitation.