Warri, PH refineries ex-MDs face trials over alleged $989,630, N1.42bn fraud

The Economic and Financial Crimes Commission (EFCC) is preparing to prosecute two former managing directors of Nigeria's state-owned refineries for alleged large-scale fraud and money laundering. Jimoh Yisawu, formerly of Warri Refining and Petrochemical Company Ltd (WRPC), is scheduled to appear in court on Friday, while Ahmed Dikko, ex-MD of Port Harcourt Refining Company Ltd (PHRC), faces arraignment on Wednesday.

Court documents reveal that Yisawu faces eight charges, including the alleged indirect conversion of $789,950 and $122,600. One charge details how, between October 2023 and May 2025, Yisawu allegedly converted $789,950 through an individual named Samaila Bala. The EFCC contends that Yisawu knew this sum did not align with his lawful earnings as a public officer and constituted proceeds of unlawful activity, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

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That you, Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd, between October 2023 and May 2025 in Abuja, within the jurisdiction of this honourable court, indirectly converted the aggregate sum of $789,950 through Samaila Bala, which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation), when you knew that the said sum of $789,950 constituted proceeds of unlawful activity, and you thereby committed an offence contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Further charges against Yisawu allege that between February 2024 and March 2025, he indirectly converted $122,600 through another individual, Rasheed Yusuf. Additionally, Yisawu is accused of making cash payments exceeding N5,000,000 to Samaila Bala outside the financial system, an act also deemed a contravention of the Money Laundering Act. Another count cites transactions from January to June 2015, involving aggregate sums of N25,563,000 received into his bank accounts from a contractor, which he allegedly knew to be proceeds of unlawful activity.

Dikko, the former MD of PHRC, faces 12 counts related to transactions dating back to 2022. The charges against both men center on alleged conversions of hundreds of millions of naira and hundreds of thousands of dollars, with accusations of conducting these transactions outside the formal banking system. Both matters are being handled by Justice Inyang Ekwo of the Federal High Court in Abuja.

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That you Jimoh Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd, between January and June 2015 in Lagos within the jurisdiction of this honourable court, used the aggregate sum of N25,563,000 received into your Zenith Bank Plc Account No. 1003198602 and Access Bank Plc Account No. 0001283432 from Jkpeez Impex Co. (a contractor with subsidiary of the Nigerian National Petroleum Corporation now Nigerian National Petroleum Company Ltd) when you reasonably ought to have known that the said sum constituted proceed of unlawful activity and you thereby committed an offence contrary to section 15(2)(d) and punishable under section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.