EFCC to arraign ex-Warri, PH refineries heads over N1.42bn, $989,630 fraud

The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on alleged financial crimes in the oil sector, filing separate money laundering charges against two former managing directors of the Warri and Port Harcourt refineries over alleged illicit transactions involving more than N1.42 billion and $989,630.

Jimoh Yisawu, the former managing director of the Warri Refining and Petrochemical Company, is scheduled to be arraigned on Friday, while Ahmed Dikko, his counterpart at the Port Harcourt Refining Company, is expected to appear before the Federal High Court in Abuja on Wednesday.

The cases, assigned to Justice Inyang Ekwo, stem from separate investigations into alleged money laundering, unlawful cash transactions and the concealment of suspected proceeds of crime.

According to court filings, Yisawu is facing an eight-count charge bordering on the alleged conversion of $789,950 and another $122,600 through third parties. The EFCC also accused him of receiving and retaining funds allegedly linked to contractors working with the Nigerian National Petroleum Company Limited (NNPC Ltd) and investing part of the money in treasury bills.

Prosecutors further alleged that several of the transactions were carried out outside the banking system in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Dikko, on the other hand, is facing a 12-count charge over alleged cash transactions, concealment of funds and the use of associates and family members to receive and manage suspected proceeds of unlawful activities.

The anti-graft agency alleged that he used cash equivalent to N218.375 million to acquire a property in Abuja without routing the payment through a financial institution. He is also accused of retaining large sums allegedly paid by contractors, concealing the source of funds through company and personal accounts, and receiving proceeds connected to petroleum export transactions.

The EFCC further alleged that some of the funds were channelled through corporate entities and accounts belonging to close associates, including members of his family, in an attempt to disguise their origin.

The commission said the alleged offences contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as the repealed Money Laundering (Prohibition) Act, 2011.

The two former refinery chiefs are expected to take their pleas before the Federal High Court as proceedings commence in the separate cases.