Nigeria's EFCC charges former refinery heads with money laundering

The Economic and Financial Crimes Commission (EFCC) has filed money‑laundering charges against the former managing directors of two state‑owned oil refineries. Ahmed Adamu Dikko, ex‑MD of the Port Harcourt Refining Company, faces a 12‑count indictment and Jimoh Olasunkanmi Yisawu, former MD of the Warri Refining and Petrochemical Company, a separate eight‑count charge. Both indictments were submitted to the High Court of the Federal Capital Territory in Abuja on 22 June.

According to the charge sheets, the officials abused their positions by receiving payments from contractors handling the rehabilitation and turnaround maintenance programme for Nigeria’s four refineries, operating accounts to conceal the origins of the funds, and conducting large cash transactions that breach the Money Laundering (Prevention and Prohibition) Act, 2022. Specific allegations against Dikko include a cash payment of ₦218.375 million for a property in Abuja and multiple retained sums ranging from ₦10 million to ₦328.71 million from various contractors.

The EFCC’s broader probe has so far recovered over ₦38.66 billion (about $21.2 million) and several landed assets linked to the diversion of funds earmarked for the refineries’ rehabilitation. The four state‑run facilities together have a combined capacity of roughly 445,000 barrels per day but have repeatedly failed to operate optimally, prompting public concern over the management of the substantial rehabilitation budget.