By Lizzy Chirkpi
The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company Ltd (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 was arraigned before Justice Inyang Ekwo alongside Masterpiece Projects & Investment Limited on a 12-count charge bordering on alleged money laundering.
The charge, marked FHC/ABJ/CR/360/2026, was filed on June 22, 2026, by EFCC counsel, Ekele Iheanacho (SAN).
According to the anti-graft agency, the alleged offences involved cash purchases of properties, concealment of funds through third parties, undisclosed bank transactions and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC alleged that Dikko laundered more than N1.32 billion linked to contractors engaged in the rehabilitation of the Port Harcourt refinery.
According to the Commission, “the alleged offences involved cash purchases of properties, concealment of funds through third parties, undisclosed bank retentions and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The prosecution further accused the former refinery boss of concealing proceeds of alleged unlawful activities through cash property acquisitions, third-party accounts and unauthorised foreign exchange transactions.
One of the counts reads:
“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.”
Another count alleged that Dikko concealed the origin of N328,710,337.50 paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited from transactions involving the Nigerian National Petroleum Company Limited’s (NNPCL) allocation of Vacuum Gas Oil for export.
The EFCC also alleged that between October 2022 and May 2025, the former PHRC managing director converted $77,080 through one Ibrahim Isa Yaro, maintaining that the funds did not form part of his known lawful earnings as a public officer.
Dikko pleaded not guilty to all 12 counts after they were read to him in court.
Following his plea, his counsel, Okechukwu Ajunwa (SAN), applied for bail, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
In his ruling, Justice Ekwo admitted the defendant to 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 Dikko remain in EFCC custody pending the fulfilment of the bail conditions.
The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
The prosecution’s allegations have not been proven in court, and Dikko is presumed innocent unless and until proven guilty.