Ex-Port Harcourt refinery MD, Ahmed Dikko arraigned, granted bail over ‘money laundering’

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before a Federal High Court in Abuja over an alleged multi-million-naira money laundering scheme.

Dikko was docked before Justice Inyang Ekwo on a 12-count charge bordering on money laundering, unlawful possession of proceeds of crime, and concealment of illicit funds linked to contractors of the Nigerian National Petroleum Company Limited (NNPCL).

He pleaded not guilty to all charges.

The EFCC listed Masterpiece Projects & Investment Limited as a co-defendant in the case.

According to the anti-graft agency, Dikko allegedly received and retained funds traced to contractors handling PHRC projects and used part of the money to acquire a high-value property in Abuja outside the banking system, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

At the arraignment, prosecution counsel Ekele Iheanacho (SAN) informed the court that the matter was ready for hearing, while defence counsel Ikechukwu Ajunwa (SAN) urged the court to enter a not guilty plea on behalf of the corporate defendant.

Following Dikko’s plea, the prosecution requested a trial date, while the defence drew the court’s attention to a pending bail application, arguing that the former refinery boss had consistently honoured EFCC invitations and posed no flight risk.

The prosecution opposed the bail application, citing a counter-affidavit filed on July 7.

In his ruling, Justice Ekwo held that although bail is discretionary, it remains a constitutional right that can only be denied upon substantial justification.

The court subsequently granted Dikko bail in the sum of ₦150 million with one surety in like sum. The surety must own landed property within the court’s jurisdiction, with title documents subject to verification by the court registrar.

The judge also ordered Dikko to surrender his international passport and barred him from travelling outside Nigeria without prior court approval.

The case was adjourned until October 12, 13, and 14, 2026, for the commencement of trial.

According to the charge sheet, the EFCC alleged that in February 2024, Dikko made a cash payment equivalent to ₦218.375 million for the purchase of a property in Katampe Extension, Abuja, without routing the transaction through a financial institution.

The commission further alleged that between October 2022 and December 2023, he retained over ₦190 million in bank accounts, funds allegedly paid by contractors linked to PHRC projects.

Prosecutors also accused him of funnelling millions of naira through third parties and corporate accounts, disguising the origin of funds, and receiving additional payments linked to transactions involving the NNPCL’s allocation of Vacuum Gas Oil for export.

The EFCC further claimed that Dikko converted $77,080 through an associate despite the funds being inconsistent with his known lawful earnings, and that he received additional sums through accounts allegedly operated by proxies, including a family member.

The anti-graft agency maintained that the alleged offences contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.