Post by Abdulkareem Mojeed

The Economic and Financial Crimes Commission (EFCC) has charged the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and his counterpart at the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, with money laundering over the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s moribund refineries, PREMIUM TIMES can report. According to the charge sheets and briefs reviewed, prosecutors alleged that Mr Dikko engaged in multiple transactions involving proceeds of unlawful activities linked to contractors handling refinery maintenance projects. One of the counts alleged that in February 2024, while serving as Managing Director of PHRC, he made a cash payment equivalent to N218.375 million to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, contrary to the Money Laundering Act. The EFCC also accused him of retaining N100 million allegedly received from Ebenco Global Link Limited, a contractor to PHRC, in a Fidelity Bank account between October 2022 and October 2023, knowing the funds were proceeds of unlawful activity. In the separate eight-count charge, the EFCC accused former WRPC Managing Director Jimoh Yisawu of laundering large sums of money through third parties and making prohibited cash payments. The commission alleged that between October 2023 and May 2025, Mr Yisawu converted $789,950 through one Samaila Bala, an amount prosecutors said could not be traced to his legitimate earnings as a public officer. He was also accused of making cash payments amounting to the same sum without routing the transactions through financial institutions. Read more here: https://lnkd.in/em7mxEri