EFCC arraigns ex-Port Harcourt refinery MD over alleged N1.32bn money laundering

The Economic and Financial Crimes Commission,, EFCC, has arraigned the former Managing Director of the Port Harcourt Refining Company Ltd, 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.

Mr Dikko was arraigned on Wednesday before Justice Inyang Ekwo on a 12-count charge filed by the EFCC, accusing him of laundering N1,322,839,112.70 allegedly derived from contracts connected with the rehabilitation of the refinery.

The charge, marked FHC/ABJ/CR/360/2026 and filed by the Commission’s counsel, Ekele Iheanacho, also listed Masterpiece Projects & Investment Limited as the second defendant.

The anti-graft agency alleged that Mr Dikko laundered the funds through cash purchases of properties, undisclosed bank retentions, concealment of funds through third parties and unauthorised foreign exchange transactions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

When the charges were read, the former refinery boss pleaded not guilty to all 12 counts.

According to the EFCC, one of the charges accused Dikko of making a cash payment equivalent to N218.375 million in dollars to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution, contrary to the Money Laundering Act.

Another count alleged that on or about June 26, 2023, Dikko disguised the origin of N328.71 million paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited. The commission alleged that the funds originated from transactions involving the allocation of Vacuum Gas Oil for export by the Nigerian National Petroleum Company Limited and constituted proceeds of unlawful activity.

The EFCC also accused the former managing director of converting a total of $77,080 between October 2022 and May 2025 through one Ibrahim Isa Yaro, alleging that the money could not be traced to his legitimate earnings as a former public officer with the NNPC Limited.

Following his plea, defence counsel, Okechukwu Ajunwa, urged the court to admit his client to bail pending trial. However, the prosecution opposed the application.

In his ruling, Justice Ekwo granted Dikko bail in the sum of N150 million with one surety resident within the jurisdiction of the court. The judge also ordered that the surety must possess a landed property valued at not less than the bail sum.

Pending the fulfilment of the bail conditions, the court ordered that the defendant be remanded in the custody of the EFCC.

Justice Ekwo subsequently adjourned the case until October 12, 13 and 14, 2026, for trial.

Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 and was tasked with overseeing the rehabilitation of the long-idle refinery. He served in the position for about four years before leaving office.

The EFCC said the prosecution is part of its broader investigation into the alleged diversion of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.