By Kamsi Anayo
The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned former Managing Director of Port Harcourt Refining Company Ltd (PHRC), Mr Ahmed Dikko before Justice Inyang Ekwo of the Federal High Court, Abuja, on a 12-count charge bordering on money laundering.
The charge, marked FHC/ABJ/CR/360/2026 and dated and filed on June 22 by the Commission’s counsel, Ekele Iheanacho, SAN, listed Dikko and Masterpiece Projects & Investment Limited as first and second defendants respectively.
Dikko, who led the Port Harcourt Refining Company for about four years, pleaded not guilty to the 12-count charge.
The EFCC accused Dikko of laundering N1.3 billion in proceeds allegedly linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery, through cash property purchases, undisclosed bank retentions, third-party fund concealment and unauthorised currency conversion.
The EFCC said the alleged offence was in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
In Count One of the charge, the EFCC accused Dikko of directly making cash payment of the dollar equivalent of the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution and thereby committed an offence contrary to Sections 2(1)(a), 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.
In Count Eight, the EFCC said Dikko disguised the origin of the sum of N328,710,337.50 paid into the GTBank Account Plc No. 0123201507 operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when he knew that the said sum constituted proceeds of unlawful activity and thereby committed an offence contrary Section 18(2) (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count eleven reads: “That you AHMED ADAMU DIKKO between October, 2022 and May, 2025 did convert the aggregate sum of $77,080 through Ibrahim Isa Yaro which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd and you thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.”
The defendant pleaded not guilty to the charges when they were read to him.
Dikko’s Counsel, Okechukwu Ajunwa, SAN, urged the court to grant the defendant bail pending the determination of the suit.
However, Counsel to the EFCC, Iheanacho, opposed the bail application.
In his ruling on the bail application, Justice Ekwo granted the defendant bail in the sum of N150,000,000 (One Hundred and Fifty Million Naira) with a surety who must be resident within the jurisdiction of the court and with a landed property valued at not less than the bail sum.
He ordered that the defendant be remanded in the custody of the EFCC pending when he’s able to meet the bail conditions.
The matter was therefore adjourned to Oct. 12, 13 and 14, 2026 for trial.
