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 ₦1.32bn money laundering scheme tied 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, 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 represented proceeds connected to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the refinery’s rehabilitation. The commission accused him of using cash property purchases, undisclosed bank retentions, third-party arrangements to conceal funds, and unauthorised foreign exchange transactions to disguise the source of the money.
One of the charges alleged that Dikko “did directly make cash payment of the dollar equivalent of the sum of ₦218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution,” an offence said to be contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency further alleged in count eight that Dikko, on or about June 26, 2023, concealed the origin of ₦328,710,337.50 paid into the GTBank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited. The EFCC claimed the funds were linked to transactions involving NNPCL’s allocation of Vacuum Gas Oil for export and constituted proceeds of unlawful activity.
In count 11, the commission accused the former refinery boss of unlawfully converting foreign currency, alleging that between October 2022 and May 2025, he converted an aggregate sum of $77,080,000 through Ibrahim Isa Yaro, despite the funds not forming part of his known lawful earnings as a former public officer with NNPCL.
After Dikko’s plea, his 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 ₦150m with one surety in like sum.
The judge ruled that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail amount.
He also ordered Dikko to surrender his international passport and directed that he remain in EFCC custody until he meets the bail conditions.
The court adjourned the matter until October 12, 13, and 14, 2026, for trial.
