The Economic and Financial Crimes Commission (EFCC) is set to arraign two former managing directors of the Warri Refining and Petrochemical Company (WRPC) and the Port Harcourt Refining Company (PHRC) over separate allegations of money laundering involving about $989,630 and more than N1.42 billion.
The former Managing Director of WRPC, Jimoh Olasunkanmi Yisawu, is scheduled to appear before Justice Inyang Ekwo of the Federal High Court, Abuja, on Friday to answer an eight-count charge, while his PHRC counterpart, Ahmed Dikko, will be arraigned before the same judge on Wednesday on a 12-count charge.
According to court documents filed by the anti-graft agency, Yisawu allegedly converted $789,950 between October 2023 and May 2025 through one Samaila Bala, with the EFCC claiming the money represented proceeds of unlawful activity.
The Commission alleged that the funds were not part of his legitimate earnings as a former official of the Nigerian National Petroleum Company (NNPC) Limited.
In one of the charges, the EFCC stated that Yisawu also made cash payments amounting to $789,950 to Bala without passing the transactions through a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The agency further alleged that between February 2024 and March 2025, the former refinery boss converted another $122,600 through Rasheed Yusuf of Rasheedat Anike Global Ventures using cash transactions conducted outside the banking system.
The charge sheet also accused Yisawu of receiving N25.56 million into his Zenith Bank and Access Bank accounts between January and June 2015 from JKpeez Impex Company, said to be a contractor to a subsidiary of the former Nigerian National Petroleum Corporation, despite allegedly knowing or reasonably suspecting that the funds were proceeds of unlawful activity.
He is also accused of transferring N65.86 million to Cordros Securities Limited for the purchase of treasury bills in his name and retaining N15 million and N3 million paid into his Stanbic IBTC Bank account by one Olasinka Fragene Justice on behalf of Ebenco Global Link Limited, a company described by the EFCC as a contractor to NNPC Limited.
In the case involving Dikko, the EFCC alleged that he carried out several suspicious financial transactions linked to contractors and property acquisitions.
Among the allegations is that in February 2024, he made a cash payment equivalent to N218.38 million to one Hadeija Bashir for the purchase of a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the payment through a financial institution.
The former PHRC managing director is also accused of retaining N100 million and N90 million in separate bank accounts, funds allegedly paid by Ebenco Global Link Limited, a contractor to the refinery.
The Commission further alleged that Dikko concealed the origin of N90 million by paying the money into an Access Bank account operated by Aisha Ahmed Dikko.
Another count accused him and Masterpiece Projects & Investment Limited of disguising the source 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 NNPC Limited.
The EFCC further alleged that Dikko took possession of N59.2 million through Masterpiece Projects & Investment Limited, directed Ebenezar Oluwagbemiga of Ebenco Global Link Limited to receive N356.41 million on his behalf, converted $77,080 through Ibrahim Isa Yaro, and used his son's GTBank account to receive N20 million allegedly paid by Ebenco Global Link Limited.
The anti-graft agency said the offences contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Money Laundering (Prohibition) Act, 2011, as amended.
Both former refinery chiefs are expected to enter their pleas when they appear before the Federal High Court in Abuja on the dates fixed for their arraignment.
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