EFCC to arraign ex-NNPC refinery heads, Ahmed Dikko, Jimoh Yisawu over ‘multi-billion naira fraud’

The Economic and Financial Crimes Commission (EFCC) is set to arraign Ahmed Dikko, a former managing director of the Port Harcourt Refining Company (PHRC), and Jimoh Yisawu, former managing director of the Warri Refining and Petrochemical Company (WRPC) over their alleged involvement in a multi-billion naira fraud linked to the rehabilitation of Nigeria’s refineries.

The anti-graft agency filed separate charges against the two former refinery chiefs before a Federal Capital Territory High Court in Abuja, accusing them of money laundering, abuse of office, unlawful cash transactions, receiving funds from contractors and concealing proceeds of alleged unlawful activities.

According to court filings, Dikko is facing a 12-count charge, while Yisawu is expected to answer an eight-count charge as part of the EFCC’s ongoing probe into refinery rehabilitation contracts executed under the Nigerian National Petroleum Company Limited (NNPCL).

The commission alleged that Dikko engaged in multiple financial transactions involving funds traced to contractors handling maintenance works at the Port Harcourt refinery.

Among the allegations is the cash purchase of a property worth N218.3 million in Abuja in February 2024 without using a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

Prosecutors also accused him of retaining and concealing millions of naira allegedly received from contractors through different bank accounts and converting over $77,000 through a third party, funds they claim were not part of his legitimate earnings as a public officer.

In Yisawu’s case, the EFCC alleged that he laundered funds through third parties, including the conversion of hundreds of thousands of dollars between 2023 and 2025.

He was also accused of receiving payments from contractors linked to refinery projects and investing part of the funds in treasury bills.

The charges are connected to the wider investigation into refinery rehabilitation contracts reportedly valued at about $2.79 billion, covering the Port Harcourt, Warri and Kaduna refineries.

Investigators believe that despite the huge sums committed to the projects, refinery operations have shown little corresponding improvement, raising suspicions that a substantial portion of the funds may have been diverted.

The EFCC recently disclosed that it had recovered over N9.4 billion, $21.2 million and several landed properties during the investigation.

The commission said the probe remains ongoing, with more charges expected against other suspects linked to the refinery rehabilitation programme.