Ex-MDs of Warri and Port Harcourt Refineries Face Trial Over Alleged $989,630 and N1.42bn Fraud
By Victor Idajili
The Economic and Financial Crimes Commission is set to arraign two former refinery chiefs this week over separate money laundering allegations running into hundreds of millions of naira and hundreds of thousands of dollars.
The accused are Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, and Ahmed Dikko, former Managing Director of Port Harcourt Refining Company Ltd.
Both cases are before Justice Inyang Ekwo at the Federal High Court, Abuja.
Yisawu is scheduled for arraignment on Friday. He faces 8 counts.
The EFCC alleges that between October 2023 and May 2025, he indirectly converted $789,950 through one Samaila Bala. The money, the Commission said, did not form part of his known lawful earnings as a former NNPC official.
Another count says he made cash payments totaling the same $789,950 to Bala outside the banking system, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
He is also accused of indirectly converting $122,600 between February 2024 and March 2025 through Rasheed Yusuf of Rasheedat Anike Global Ventures, allegedly paid in cash.
Other allegations include:- Using N25.56 million received between January and June 2015 from Jkpeez Impex Co, a contractor to NNPC, when he “ought to have known” it was proceeds of unlawful activity.
Transferring N65.86 million to Cordros Securities to buy treasury bills in his name- Retaining N15 million and N3 million paid into his Stanbic IBTC account by Olasinka Fragene Justice on behalf of Ebenco Global Link Limited, described as an NNPC contractor.
Dikko’s arraignment is set for Wednesday. He faces 12 counts covering transactions from 2022.
The EFCC alleges that in February 2024, he indirectly made a cash payment equivalent to N218.37 million to Hadeija Bashir for the purchase of a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without going through a financial institution.
He is also accused of:
Retaining N100 million and N90 million in separate accounts from payments by Ebenco Global Link Limited, a PHRC contractor.- Disguising the origin of N90 million through an Access Bank account operated in the name of Aisha Ahmed Dikko.
With Masterpiece Projects & Investment Limited, disguising the source of N328.71 million paid into a GTBank account by OMSA Integrated Services Limited from “NNPC Limited allocation of Vacuum Gas Oil for export.”
Taking possession of N59.2 million routed through Masterpiece Projects & Investment Limited.
Procuring Ebenezar Oluwagbemiga of Ebenco Global Link to collect N356.41 million on his behalf.
Converting $77,080 through Ibrahim Isa Yaro.Using his son’s GTBank account to receive N20 million from Ebenco Global Link Limited.
The Commission said all the offences violate sections of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Money Laundering (Prohibition) Act, 2011 as amended.
