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.
Dikko was brought before Justice Inyang Ekwo on Wednesday on a 12-count charge bordering on money laundering. He was arraigned alongside Masterpiece Projects & Investment Limited.
The EFCC alleged that Dikko laundered N1,322,839,112.70 through cash property purchases, undisclosed bank transactions, concealment of funds through third parties, and unauthorized foreign exchange conversions. The commission said the funds were proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.
According to the anti-graft agency, one of the charges accuses Dikko of making a cash payment equivalent to N218.38 million for the purchase of a property in Katampe Extension, Abuja, without using a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count alleges that he concealed the origin of N328.71 million paid into the account of Masterpiece Projects & Investment Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export.
The EFCC also accused the former refinery boss of converting a total of $77,080 between October 2022 and May 2025 through a third party, alleging that the funds could not be traced to his lawful earnings as a public officer.
Dikko pleaded not guilty to all 12 charges.
Following his plea, defence counsel Okechukwu Ajunwa (SAN) applied for bail, while EFCC counsel Ekele Iheanacho (SAN) opposed the application.
Justice Ekwo granted the defendant bail in the sum of N150 million with one surety who must reside within the court’s jurisdiction and own landed property valued at no less than the bail amount. Pending the fulfilment of the bail conditions, the court ordered that Dikko be remanded in EFCC custody.
The case was adjourned to October 12, 13 and 14, 2026, for trial.
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 to oversee the rehabilitation of the refinery and served in the role for about four years.
The EFCC said the case is part of its broader investigation into the alleged diversion of funds earmarked for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries.
