The Economic and Financial Crimes Commission (EFCC) has arraigned former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Dikko, over alleged ₦1.32 billion money laundering.
Dikko appeared before Justice Inyang Ekwo of the Federal High Court in Abuja on a 12-count charge, with the EFCC alleging that the funds were proceeds linked to contracts awarded by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.
The charge, marked FHC/ABJ/CR/360/2026, was filed on June 22 by the EFCC through its counsel, Ekele Iheanacho, SAN. It lists Dikko as the first defendant and Masterpiece Projects & Investment Limited as the second defendant.
According to the anti-graft agency, Dikko allegedly laundered ₦1,322,839,112.70, being proceeds of unlawful activities connected to contractors engaged by the NNPCL for the refinery rehabilitation project.
The EFCC alleged that the funds were concealed through cash property acquisitions, undisclosed bank deposits, third-party transactions and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the charges, the Commission alleged that Dikko made a cash payment equivalent to ₦218.375 million to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution as required by law.
The EFCC alleged that on or about June 26, 2023, Dikko concealed the origin of ₦328.71 million paid into the GTBank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited. Investigators claimed the funds originated from transactions involving the allocation of Vacuum Gas Oil (VGO) for export by NNPCL and constituted proceeds of unlawful activity.
The Commission also accused the former refinery chief of converting an aggregate sum of $77,080 through one Ibrahim Isa Yaro between October 2022 and May 2025. According to the charge, the funds did not form part of Dikko’s known lawful earnings as a former public officer of the NNPCL.
When the charges were read in court, Dikko pleaded not guilty to all 12 counts.
Following his plea, defence counsel, Okechukwu Ajunwa, applied for bail pending the determination of the case. However, EFCC counsel, Ekele Iheanacho, SAN, opposed the application, urging the court to refuse bail.
In his ruling, Justice Ekwo admitted the defendant to bail in the sum of ₦150 million with one surety resident within the court’s jurisdiction. The court also directed that the surety must own landed property valued at not less than the bail sum.
Pending the fulfilment of the bail conditions, the judge ordered that Dikko be remanded in the custody of the EFCC.
The court subsequently adjourned the matter to October 12, 13 and 14, 2026, for the commencement of trial.