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 alleged money laundering involving N1.32 billion.
Dikko was brought before Justice Inyang Ekwo on Wednesday on a 12-count charge bordering on alleged money laundering linked to funds reportedly generated from contracts connected with the rehabilitation of the Port Harcourt refinery.
The charge, marked FHC/ABJ/CR/360/2026, was filed by EFCC counsel, Ekele Iheanacho (SAN), on June 22. Dikko is standing trial alongside Masterpiece Projects & Investment Limited, which is listed as the second defendant.
The former PHRC boss pleaded not guilty to all the charges after they were read in court.
According to the anti-graft agency, Dikko allegedly laundered N1,322,839,112.70, said to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.
The EFCC alleged that the funds were concealed through cash purchases of properties, undisclosed bank transactions, the use of third parties to hide the origin of funds and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the counts, the Commission alleged that Dikko made a cash payment equivalent to N218.375 million to one Hadeija Bashir for the purchase of a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, an act the prosecution said contravenes the Money Laundering Act.
Another count accused the former refinery boss of disguising the source of N328.71 million paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited. The EFCC alleged that the money originated from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export and constituted proceeds of unlawful activity.
The Commission further alleged that between October 2022 and May 2025, Dikko converted $77,080 through one Ibrahim Isa Yaro, despite the funds allegedly not forming part of his known lawful earnings as a former public officer with the Nigerian National Petroleum Company Limited.
Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail pending the determination of the case, while the prosecution opposed the application.
In his ruling, Justice Ekwo admitted Dikko to bail in the sum of N150 million with one surety resident within the court’s jurisdiction. The surety must own landed property valued at not less than the bail sum.
The judge ordered that the defendant be remanded in the custody of the EFCC until he fulfils the bail conditions.
The court 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 to oversee the rehabilitation of the state-owned refinery. He served in the position for about four years.
The prosecution is part of the EFCC’s broader investigation into the alleged diversion and laundering of funds released for the rehabilitation and turnaround maintenance of Nigeria’s government-owned refineries.
