The Economic and Financial Crimes Commission (EFCC) has filed money laundering charges against Ahmed Dikko and Jimoh Yisawu, former managing directors of the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC), over the alleged diversion of funds released for the rehabilitation of Nigeria’s refineries.
According to a report by Premium Times, the anti-graft
agency filed separate charges against the two former refinery chiefs at the
high court of the Federal Capital Territory (FCT) in Abuja on June 22.
Dikko is facing a 12-count charge, while Yisawu is facing an
eight-count charge bordering on alleged money laundering, unlawful cash
transactions, concealment of illicit funds and abuse of office.
The EFCC alleged that Dikko received and retained funds from
contractors engaged by the Nigerian National Petroleum Company (NNPC) Limited,
concealed the origin of some of the money through third-party accounts, and
carried out transactions that breached the Money Laundering (Prevention and
Prohibition) Act, 2022.
Among the allegations against Diko is that he paid about
N218.4 million in cash for a property in Katampe Extension, Abuja, in February
2024 without using a financial institution, contrary to the law.
The EFCC also alleged that he retained and received hundreds
of millions of naira from companies said to be contractors on refinery
maintenance projects and converted $77,080 through a third party between
October 2022 and May 2025.
In a separate charge, the commission alleged that Yisawu
converted $789,950 through an associate between October 2023 and May 2025 and
made cash payments outside the threshold permitted by law.
Prosecutors further alleged that the former WRPC managing
director converted another $122,600 through a third party, retained millions of
naira allegedly received from refinery contractors and invested part of the
funds in treasury bills.
The charges are part of the EFCC’s ongoing investigation
into the alleged diversion of funds approved for the rehabilitation and
turnaround maintenance of Nigeria’s refineries.
The commission said it has so far recovered more than N9.4
billion, $21.2 million and several landed properties from the investigation.
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