The Economic and Financial Crimes Commission, EFCC, has filed separate money-laundering charges against the immediate past Managing Director of the Port Harcourt Refining Company, PHRC, Ahmed Adamu Dikko, and his former counterpart at the Warri Refining and Petrochemical Company, WRPC, Jimoh Olasunkanmi Yisawu, over allegations linked to funds released for the rehabilitation of Nigeria’s state-owned refineries.The charges, filed before the High Court of the Federal Capital Territory, Abuja, form part of the anti-graft agency’s wider investigation into the controversial turnaround maintenance and rehabilitation programme for the country’s moribund refineries.
According to court documents cited in the report, EFCC filed a 12-count charge against Dikko and an eight-count charge against Yisawu on June 22, 2026.
The commission accused the former refinery chiefs of allegedly abusing their offices, laundering proceeds of unlawful activities, receiving payments from contractors engaged in refinery-related projects, operating accounts allegedly used to conceal illicit funds and making large cash transactions in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
The development comes days after reports that the EFCC had recovered over N9.4 billion, $21.2 million and several landed properties in its ongoing probe into alleged diversion of funds meant for refinery rehabilitation and turnaround maintenance.
Using the Central Bank of Nigeria’s official market rate of N1,380 to $1 cited in the report, the recovered $21.2 million is estimated at about N29.26 billion, bringing the total recoveries so far to about N38.66 billion.
Nigeria has four state-owned refineries: the two Port Harcourt refineries, with a combined installed capacity of 210,000 barrels per day; the Kaduna refinery, with an installed capacity of 110,000 barrels per day; and the Warri refinery, with an installed capacity of 125,000 barrels per day. Altogether, the refineries have a combined installed capacity of 445,000 barrels per day.
However, despite huge sums committed over the years to rehabilitation and turnaround maintenance, the refineries have largely failed to operate optimally, prompting repeated public concern and scrutiny over the management of funds released for the projects.
In the case against Dikko, EFCC alleged that the former PHRC Managing Director engaged in several transactions involving funds said to be proceeds of unlawful activities connected to contractors handling refinery maintenance projects.
One of the counts alleged that, in February 2024, while serving as Managing Director of PHRC, Dikko made a cash payment equivalent to N218.375 million for the purchase of a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution.
The commission also alleged that Dikko retained N100 million said to have been received from Ebenco Global Link Limited, a contractor to PHRC, in a Fidelity Bank account between October 2022 and October 2023.
In other counts, EFCC accused him of retaining N90 million allegedly paid by Ebenco Global Link Limited through a GTBank account, concealing the origin of another N90 million through an Access Bank account allegedly linked to Aisha Ahmed Dikko, and receiving N30 million through an account operated by Medinus Mildred Oluba from Ebenco Enterprises, another contractor.
The anti-graft agency further alleged that Dikko retained N10 million allegedly paid by Dogai Global Resources and N4.75 million said to have been received from Gasontex Limited.
EFCC also alleged that Dikko and Masterpiece Projects & Investment Limited concealed the source of N328.71 million allegedly paid by OMSA Integrated Services Limited from transactions involving NNPC’s allocation of Vacuum Gas Oil for export.
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 through a GTBank account allegedly operated by his son, Ahmed Ahmed Dikko.
In the separate charge against Yisawu, EFCC accused the former WRPC Managing Director of allegedly laundering large sums through third parties and making cash payments above the legally permitted threshold.
The commission alleged that between October 2023 and May 2025, Yisawu converted $789,950 through one Samaila Bala, which prosecutors said could not be traced to his legitimate earnings as a public officer.
He was also accused of making cash payments amounting to the same sum without passing the transactions through financial institutions.
EFCC further alleged that between February 2024 and March 2025, Yisawu converted an additional $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures and made cash payments exceeding the statutory threshold.
The commission also accused him of using N25.56 million allegedly received from JKpeez Impex Co., a contractor linked to an NNPC subsidiary; transferring N65.86 million to Cordros Securities Limited for the purchase of treasury bills; retaining N15 million allegedly paid by Ebenco Global Link Limited through a Stanbic IBTC account; and retaining another N3 million from the same contractor.
According to the charges, the alleged transactions involved proceeds of unlawful activities and breached provisions of the Money Laundering (Prohibition) Act, 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges mark the latest phase in EFCC’s investigation into alleged financial irregularities in the refinery rehabilitation programme, which has also involved former and serving officials of the Nigerian National Petroleum Company Limited.
The defendants are presumed innocent until proven guilty by a court of competent jurisdiction.
