TD Abuja, Nigeria — The Economic and Financial Crimes Commission (EFCC) on Wednesday 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, who headed the refinery for about four years, was brought before Justice Inyang Ekwo on a 12-count charge bordering on money laundering and the alleged concealment of proceeds of unlawful activities.
The charge, marked FHC/ABJ/CR/360/2026, also listed Masterpiece Projects & Investment Limited as the second defendant.
EFCC Alleges N1.32bn Laundering Scheme
According to the anti-graft agency, Dikko allegedly laundered N1,322,839,112.70, being proceeds suspected to have originated from 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, retention of funds in undisclosed bank accounts, the use of third parties to disguise ownership of assets, and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleged that Dikko made a cash payment equivalent to N218.375 million in United States dollars to one Hadeija Bashir for the purchase of a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without processing the transaction through a financial institution as required by law.
Another count accused the former refinery boss of disguising the origin of N328.71 million paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export.
The EFCC further alleged that between October 2022 and May 2025, Dikko converted an aggregate sum of $77,080 through one Ibrahim Isa Yaro, funds which investigators claimed did not form part of his legitimate earnings as a former public official.
Defendant Pleads Not Guilty
When the charges were read in court, Dikko pleaded not guilty to all 12 counts.
Following his plea, his counsel, Okechukwu Ajunwa, SAN, applied for bail pending the determination of the case.
However, EFCC counsel, Ekele Iheanacho, SAN, opposed the application.
Court Grants N150m Bail
In his ruling, Justice Ekwo admitted the defendant to bail in the sum of N150 million with one surety.
The court ordered that the surety must reside within the jurisdiction of the court and possess a landed property valued at not less than the bail amount.
Pending the fulfilment of the bail conditions, Justice Ekwo directed that Dikko be remanded in the custody of the EFCC.
The court subsequently adjourned the matter to October 12, 13 and 14, 2026, for the commencement of trial.
Part of Wider Refinery Rehabilitation Probe
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 with the responsibility of overseeing the rehabilitation of the long-moribund refinery.
The charges against him form part of a broader EFCC investigation into the alleged diversion and laundering of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
The anti-corruption agency has intensified its scrutiny of officials and contractors involved in refinery rehabilitation projects as part of ongoing efforts to ensure accountability in the management of public resources.
