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 an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the refinery.
Dikko appeared before Justice Inyang Ekwo on a 12-count charge alongside Masterpiece Projects & Investment Limited, where he pleaded not guilty to all the allegations.
The EFCC alleged that the former refinery boss laundered N1.322 billion, said to be proceeds from contracts awarded by the Nigerian National Petroleum Company Limited (NNPC Ltd.) for the rehabilitation of the Port Harcourt refinery.
According to the commission, the funds were allegedly concealed through cash property purchases, undisclosed bank transactions, third-party accounts and unauthorised foreign exchange dealings.
One of the charges accused 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.
The EFCC also alleged that he concealed the origin of N328.71 million paid into the account of Masterpiece Projects & Investment Limited, claiming the funds were proceeds of unlawful activities linked to NNPC crude allocation transactions.
In another charge, the anti-graft agency accused Dikko of unlawfully converting 77,080 US dollars between October 2022 and May 2025 through a third party, alleging the funds exceeded his legitimate earnings as a former public official.
Following his plea, the defence applied for bail, while the EFCC opposed the request.
Justice Ekwo granted the defendant N150 million bail with one surety in like sum, directing that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail amount.
The court also ordered Dikko to surrender his international passport and remain in EFCC custody until he meets the bail conditions.
The case was adjourned to October 12, 13 and 14, 2026, for trial.
