The Economic and Financial Crimes Commission (EFCC) has arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, before the Federal High Court in Abuja over allegations of laundering more than N1.32 billion connected to the rehabilitation of the Port Harcourt refinery.
Dikko appeared before Justice Inyang Ekwo alongside Masterpiece Projects & Investment Limited on a 12-count charge filed under case number FHC/ABJ/CR/360/2026. He pleaded not guilty to all the allegations brought against him.
Prosecutors Allege Diversion of Refinery Rehabilitation Funds
According to the EFCC, the funds in question originated from transactions involving contractors engaged by the Nigerian National Petroleum Company Limited (NNPC Ltd.) for the refinery rehabilitation project.
The anti-graft agency alleged that the former refinery chief concealed and laundered the proceeds through multiple channels, including cash purchases of property, undisclosed bank transactions, third-party financial arrangements, and unauthorised foreign exchange dealings.
Property Purchase Among Charges Filed
One of the charges accuses Dikko of making a cash payment equivalent to N218.38 million in foreign currency to purchase a property located on Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without processing the transaction through a recognised financial institution.
The EFCC contends that the alleged transaction contravenes provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, which restricts large cash transactions outside the banking system.
Commission Alleges Concealment of Funds Through Company Account
The prosecution also alleged that in June 2023, Dikko disguised the origin of N328.71 million deposited into a Guaranty Trust Bank account operated by Masterpiece Projects & Investment Limited.
According to investigators, the funds were transferred by OMSA Integrated Services Limited from transactions involving allocations of Vacuum Gas Oil for export by NNPC Ltd., with the EFCC claiming the money represented proceeds of unlawful activity.
Foreign Currency Conversion Also Under Investigation
Another charge accuses the former managing director of converting approximately $77.08 million between October 2022 and May 2025 through an individual identified as Ibrahim Isa Yaro.
The commission alleged that the foreign currency transactions exceeded Dikko’s known lawful earnings during his time as a public official and therefore constituted proceeds of suspected illicit activity.
Court Grants Bail Under Strict Conditions
Following Dikko’s not guilty plea, his counsel, Okechukwu Ajunwa (SAN), requested that the court grant him bail pending trial. The application was opposed by EFCC counsel Ekele Iheanacho (SAN).
Justice Ekwo subsequently granted bail in the sum of N150 million, with one surety required to provide an equivalent guarantee.
Passport Surrender Ordered Ahead of Trial
The court ruled that the surety must reside within the court’s jurisdiction and own landed property valued at no less than the bail amount.
Justice Ekwo further directed Dikko to surrender his international passport and ordered that he remain in EFCC custody until all bail conditions are satisfied.
The matter was adjourned until October 12, 13, and 14, 2026, when the trial is scheduled to commence.
