The Economic and Financial Crimes Commission (EFCC) has charged the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, and his counterpart at the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, with money laundering over the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s moribund refineries.
Court documents and briefs reviewed by this newspaper show that the antigraft agency filed a 12-count charge against Mr Dikko and an eight-count charge against Mr Yisawu before the High Court of the Federal Capital Territory (FCT), Abuja, on 22 June.
The commission accused both former refinery chiefs of abusing their offices by allegedly laundering proceeds of unlawful activities, receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL), operating accounts used to conceal illicit funds and making large cash transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges are the latest development in the EFCC’s extensive investigation into the multi-billion-naira turnaround maintenance programme for Nigeria’s refineries, which has so far led to the recovery of billions of naira, millions of dollars and several properties from former officials of the national oil company, as was earlier reported.
On Saturday, this newspaper reported that the EFCC has recovered over N9.4 billion, $21.2 million, and several landed properties in an ongoing investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
Based on the Central Bank of Nigeria’s official market rate of N1,380/$1 posted on Friday, the $21.2 million recovered is approximately N29.26 billion, bringing the total amount recovered so far to N38.66 billion.
The recoveries are part of what investigators described as one of the most extensive probes into the management of billions of dollars committed to reviving the country’s moribund refineries.
Nigeria has four state-run refineries, including two in Port Harcourt, which together form the Port Harcourt Refining Company, with a combined installed capacity of 210,000 barrels per day (bpd).
The Kaduna Refining and Petrochemical Company Limited have an installed capacity of 110,000 bpd, while the Warri Refining and Petrochemical Company Limited have an installed capacity of 125,000 bpd. All four refineries have a combined installed capacity of 445,000 bpd.
However, despite significant cash released by different governments aimed at getting the plants to run optimally for many years, the refineries have failed to serve their objectives.
Recommended for you
Leave a Reply
Leave a Reply
