The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company (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 refinery.
Dikko was brought before Justice Inyang Ekwo on a 12-count charge bordering on money laundering alongside Masterpiece Projects & Investment Limited.
According to the EFCC, the charges, marked FHC/ABJ/CR/360/2026, allege that the former refinery boss 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 anti-graft agency accused Dikko of using cash property purchases, concealing funds through third parties, retaining undisclosed sums in bank accounts and carrying out unauthorised foreign currency conversions in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
Dikko pleaded not guilty to all 12 counts after they were read in court.
One of the charges alleged that the former PHRC managing director made a cash payment equivalent to N218.375 million for the purchase of a property in Katampe Extension, Abuja, without routing the transaction through a financial institution.
The charge reads in part: “That you AHMED ADAMU DIKKO… did directly make cash payment of the dollar equivalent of the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial Institution and you thereby committed an offence…”
Another count accused Dikko of disguising the origin of N328.71 million allegedly paid into the GTBank account of Masterpiece Projects & Investment Limited from transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export.
The charge stated: “That you AHMED ADAMU DIKKO… disguised the origin of the sum of N328,710,337.50… when you knew that the said sum… constituted proceeds of unlawful activity.”
The EFCC further alleged that between October 2022 and May 2025, Dikko converted $77,080 through one Ibrahim Isa Yaro, funds which prosecutors said did not form part of his known lawful earnings as a former public officer.
Following the defendant’s plea, defence counsel, Okechukwu Ajunwa (SAN), urged the court to admit his client to bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
In his ruling, Justice Ekwo 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 amount.
The judge, however, ordered that the defendant be remanded in the custody of the EFCC until he fulfils the bail conditions.
The case was adjourned 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 long-idle refinery and served for about four years.
According to the EFCC, the prosecution is part of a broader investigation into the alleged diversion of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
