The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Adamu Dikko, before the Federal High Court in Abuja over an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the Port Harcourt refinery.
Dikko was brought before Justice Inyang Ekwo on Wednesday, July 8, 2026, on a 12-count charge bordering on alleged money laundering and concealment of proceeds of unlawful activities.
Also named as the second defendant in the charge is Masterpiece Projects & Investment Limited. The case, marked FHC/ABJ/CR/360/2026, was filed by the EFCC through its counsel, Ekele Iheanacho, SAN, on June 22, 2026.
When the charges were read in court, Dikko pleaded not guilty to all 12 counts.
EFCC’s Allegations
According to the anti-graft agency, Dikko allegedly laundered N1,322,839,112.70, said to be proceeds connected with contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt Refinery.
The Commission alleged that the funds were concealed through multiple channels, including:
- Cash purchases of properties without using financial institutions;
- Retention of funds in undisclosed bank accounts;
- Concealment of funds through third parties;
- Unauthorized conversion of foreign currency.
The EFCC maintained that the alleged acts contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Details of the Charges
In Count One, the EFCC alleged that Dikko made a cash payment equivalent to N218.375 million to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing the transaction through any financial institution as required by law.
The Commission said the transaction violated Sections 2(1)(a) and 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In Count Eight, prosecutors alleged that on June 26, 2023, Dikko disguised the origin of N328.71 million paid into the GTBank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited.
According to the EFCC, the funds allegedly originated from transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export and constituted proceeds of unlawful activity.
The prosecution further alleged in Count Eleven that between October 2022 and May 2025, Dikko converted an aggregate sum of 77,080 US dollars through one Ibrahim Isa Yaro, despite the funds allegedly not forming part of his known lawful earnings as a former public officer of the Nigerian National Petroleum Company Limited.
Bail Granted
Following Dikko’s plea, his counsel, Okechukwu Ajunwa, SAN, applied for bail pending trial.
The EFCC’s lead counsel, Ekele Iheanacho, SAN, opposed the application.
After hearing both parties, Justice Inyang Ekwo granted the defendant bail in the sum of N150 million with one surety.
The court ordered that the surety must:
- Be resident within the jurisdiction of the court; and
- Own landed property valued at not less than N150 million.
Pending the fulfilment of the bail conditions, the court directed that Dikko be remanded in the custody of the EFCC.
Trial Fixed for October
Justice Ekwo subsequently adjourned the matter to October 12, 13 and 14, 2026 for commencement of trial.
Background
Ahmed Adamu Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 to oversee the rehabilitation of the long-moribund refinery. He headed the company for approximately four years before leaving office.
His prosecution is reportedly part of a broader EFCC investigation into the alleged diversion and mismanagement of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
As with all criminal proceedings, the charges remain allegations, and Dikko is presumed innocent unless and until proven guilty by the court.
Facebook Comments