The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, before the Federal High Court in Abuja over an alleged ₦1.32 billion money laundering scheme linked to the rehabilitation of the state-owned refinery.
Dikko was arraigned before Justice Inyang Ekwo on a 12-count charge marked FHC/ABJ/CR/360/2026 alongside Masterpiece Projects & Investment Limited.
The former refinery chief executive, who led the Port Harcourt Refinery from March 2020 for about four years, pleaded not guilty to all the charges.
The EFCC alleged that Dikko laundered ₦1,322,839,112.70, which it claimed was linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the refinery.
According to the anti-graft agency, the alleged offences involved cash property purchases, undisclosed bank retentions, concealment of funds through third parties and unauthorised foreign exchange transactions.
One of the charges alleged that Dikko made a cash payment of the dollar equivalent of ₦218,375,000 to Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC also alleged in another count that on or about 26 June 2023, Dikko disguised the origin of ₦328,710,337.50 paid into the GTBank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export.
The commission claimed the funds represented proceeds of unlawful activity.
In another count, the EFCC accused the former refinery boss of unlawfully converting foreign currency, alleging that between October 2022 and May 2025, he converted a total of $77,080 through Ibrahim Isa Yaro, which the agency said did not form part of his known lawful earnings as a former public officer with NNPC Limited.
Following his plea, Dikko’s counsel, Okechukwu Ajunwa (SAN), applied for bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
In his ruling, Justice Ekwo granted Dikko bail in the sum of ₦150 million with one surety in like sum.
The judge ordered that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail amount.
He also directed Dikko to surrender his international passport and ordered that he remain in EFCC custody until he fulfils the bail conditions.
The court adjourned the matter until 12, 13 and 14 October 2026 for trial.
