EFCC finally charges two former refinery MDs over N9.4 billion fraud

The Economic and Financial Crimes Commission has finally arraigned two former Managing Directors of the Port Harcourt and Warri refineries over money laundering. Ahmed Adamu Dikko and Jimoh Yisawu are facing 12 and 8 counts respectively for allegedly diverting funds meant for refinery rehabilitation. This is the kind of case that makes you wonder how many billions have disappeared from our refineries while we queue for fuel.

According to the EFCC, Dikko allegedly paid N218 million in cash for a property in Katampe Extension, Abuja in February 2024 without routing it through any financial institution. He is also accused of receiving N100 million, N90 million, and another N90 million from contractors handling refinery projects. The anti-graft agency says it has already recovered over N9.4 billion, $21.2 million, and several landed properties linked to this investigation. Meanwhile Yisawu allegedly converted $789,950 through an associate between October 2023 and May 2025.

The question is simple: if these men are convicted, will the money come back to fix the refineries? Or will it just disappear into the government's coffers like everything else? I am watching this case closely because it goes to the heart of why we cannot refine our own crude oil.