Key Points
- The Economic and Financial Crimes Commission (EFCC) is prosecuting former managing directors of the Warri Refining and Petrochemical Company and Port Harcourt Refining Company.
- Former Warri refinery MD Jimoh Yisawu faces eight counts involving the alleged laundering of $912,550 and several naira transactions.
- Former Port Harcourt refinery MD Ahmed Dikko is facing 12 counts involving alleged laundering of about N1.42 billion and $77,080.
- Both cases are before Justice Inyang Ekwo of the Federal High Court, Abuja.
- The charges border on alleged unlawful cash payments, concealment of funds, and possession of proceeds of crime.
Main Story
The Economic and Financial Crimes Commission (EFCC) is set to arraign the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu, and the former Managing Director of the Port Harcourt Refining Company, Ahmed Dikko, over separate allegations of money laundering involving hundreds of millions of naira and foreign currency transactions.
According to court documents, both matters are scheduled before Justice Inyang Ekwo of the Federal High Court in Abuja.
Yisawu is facing an eight-count charge alleging the unlawful conversion and possession of funds totalling $912,550, alongside several naira transactions linked to his tenure at the refinery.
The EFCC alleged that between October 2023 and May 2025, he indirectly converted $789,950 through an associate, Samaila Bala, with the funds allegedly constituting proceeds of unlawful activity.
The anti-graft agency further accused him of making cash payments exceeding the legal threshold outside the banking system, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In another count, the commission alleged that between February 2024 and March 2025, Yisawu converted an additional $122,600 through Rasheed Yusuf of Rasheedat Anike Global Ventures.
The charges also include allegations that he received N25.56 million from JKpeez Impex Co., described as a contractor to the former Nigerian National Petroleum Corporation, between January and June 2015, when he allegedly ought to have known the funds were proceeds of unlawful activity.
The EFCC further alleged that Yisawu transferred N65.86 million to Cordros Securities Limited to purchase treasury bills in his name and retained N18 million allegedly paid through another contractor linked to the Nigerian National Petroleum Company Limited.
Meanwhile, Dikko is facing a 12-count charge involving alleged money laundering transactions valued at approximately N1.42 billion and $77,080.
Among the allegations, the EFCC claimed that in February 2024, Dikko made a cash payment equivalent to N218.38 million to purchase a property in Katampe Extension, Abuja, without routing the transaction through a financial institution.
He was also accused of retaining N190 million in separate bank accounts from funds allegedly paid by Ebenco Global Link Limited, a contractor to the Port Harcourt Refining Company.
According to the charge sheet, Dikko allegedly disguised the origin of N328.71 million paid into a Guaranty Trust Bank account by OMSA Integrated Services Limited from transactions involving the allocation of Vacuum Gas Oil for export by the Nigerian National Petroleum Company Limited.
Additional counts allege that he took possession of N59.2 million through Masterpiece Projects & Investment Limited, procured another individual to receive N356.41 million on his behalf, converted $77,080 through an associate, and used his son’s bank account to control N20 million allegedly paid by Ebenco Global Link Limited.
The EFCC is prosecuting both former refinery executives under various provisions of the Money Laundering (Prevention and Prohibition) Act and the earlier Money Laundering (Prohibition) Act.
The Issues
The prosecution forms part of the EFCC’s broader crackdown on alleged financial misconduct within Nigeria’s oil and gas sector, particularly among former executives of state-owned enterprises.
The cases also highlight growing scrutiny of procurement practices, contractor relationships and financial controls within the country’s refining operations, as the government intensifies efforts to strengthen transparency and accountability in the petroleum industry.
What’s Being Said
Economic and Financial Crimes Commission
The commission alleges that both former refinery chief executives engaged in unlawful cash transactions, concealed proceeds of alleged illicit activities and retained funds that did not form part of their lawful earnings.
What’s Next
The Federal High Court in Abuja is expected to commence arraignment proceedings against both defendants this week.
Following their arraignment, the court will determine their pleas and set timelines for trial as the EFCC seeks to prove the money laundering allegations.
Bottom Line
The prosecution of the former managing directors of the Warri and Port Harcourt refineries marks another significant anti-corruption case involving senior figures in Nigeria’s oil sector. While the allegations involve substantial sums and multiple financial transactions, the defendants remain presumed innocent unless and until proven guilty by the court.
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