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From Sola Ojo, Abuja
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 linked to the rehabilitation of the Port Harcourt Refinery.
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 to oversee the rehabilitation of the refinery.
He was arraigned on Wednesday before Justice Inyang Ekwo on a 12-count charge bordering on money laundering alongside Masterpiece Projects & Investment Limited.
The EFCC alleged that Dikko laundered N1,322,839,112.70, said to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the refinery rehabilitation.
According to the anti-graft agency’s spokesman, Dele Oyewale, the funds were allegedly concealed through cash property purchases, undisclosed bank retentions, third-party transactions and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the counts alleged that Dikko made a cash payment equivalent to N218.38 million for the purchase of a property in Katampe Extension, Abuja, without processing the transaction through a financial institution.
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Another count accused him of disguising the origin of N328.71 million allegedly paid into the account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving the NNPCL’s allocation of Vacuum Gas Oil for export.
The EFCC further alleged that between October 2022 and May 2025, Dikko converted a total of $77,080 through one Ibrahim Isa Yaro, despite the funds allegedly not forming part of his lawful earnings as a former public officer.
The former PHRC managing director pleaded not guilty to all 12 counts.
Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
Justice Ekwo, however, granted Dikko bail in the sum of N150 million with one surety resident within the court’s jurisdiction, who must own landed property valued at not less than the bail sum.
The judge ordered that the defendant be remanded in EFCC custody until he fulfils the bail conditions.
The matter was adjourned until October 12, 13 and 14, 2026, for trial.
