The Economic and Financial Crimes Commission (EFCC) has formally charged two former Managing Directors of the Port Harcourt and Warri refineries for their alleged involvement in money laundering related to refinery rehabilitation funds. Ahmed Adamu Dikko and Jimoh Yisawu appeared before the Federal Capital Territory High Court in Abuja to answer to these accusations.
Dikko faces 12 charges, while Yisawu faces eight. Prosecutors claim both men abused their positions by accepting kickbacks from refinery contractors, hiding suspicious payments, and performing large cash transactions that violate national anti-money laundering regulations. This probe, which has already resulted in the recovery of billions of naira and millions of dollars, is currently one of the most significant corruption investigations in Nigeria’s oil sector.
Court records detail that Dikko allegedly purchased a property in Abuja’s Katampe Extension for over N218 million using cash, bypassing regulated financial institutions. Furthermore, he is accused of receiving massive sums from contractors and concealing the origins of over N328 million linked to export transactions. Meanwhile, Yisawu is accused of laundering significant amounts of foreign currency through associates and making illicit transfers, including the purchase of treasury bills, between late 2023 and 2025. The EFCC maintains that these funds could not be verified as legitimate earnings.
