EFCC arraigns former Port Harcourt Refinery MD over alleged N1.32bn money laundering

Nkereuwem Effiong

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Adamu Dikko, before the Federal High Court in Abuja over the alleged laundering of more than ₦1.32 billion.

Dikko was arraigned on Wednesday before Justice Inyang Ekwo on a 12-count charge bordering on money laundering. He pleaded not guilty to all the charges.

The charge, marked FHC/ABJ/CR/360/2026, named Dikko as the first defendant and Masterpiece Projects & Investment Limited as the second defendant.

The EFCC alleged that Dikko laundered ₦1,322,839,112.70, proceeds allegedly linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.

According to the anti-graft agency, the alleged offences involved cash property purchases, 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.

One of the charges alleged that Dikko made a cash payment equivalent to ₦218,375,000 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, contrary to the Money Laundering Act.

Another count accused him of disguising the origin of ₦328,710,337.50 allegedly paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving the allocation of Vacuum Gas Oil by NNPC Limited for export.

The EFCC also alleged that between October 2022 and May 2025, Dikko converted 77,080 US dollars through Ibrahim Isa Yaro, despite the funds not forming part of his known lawful earnings as a former public officer.

Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail, while the EFCC’s counsel, Ekele Iheanacho (SAN), opposed the application.

Justice Ekwo granted Dikko bail for ₦150 million with one surety resident within the court’s jurisdiction. The surety must own landed property valued at not less than the bail sum.

Pending the fulfilment of the bail conditions, the court ordered that Dikko be remanded in the custody of the EFCC.

The case was adjourned until 12, 13 and 14 October 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 refinery. He served in the position for about four years.

The charges are part of a wider EFCC investigation into the alleged diversion of funds earmarked for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.