Former Port Harcourt Refining Company chief Ahmed Dikko pleaded not guilty as a Federal High Court granted him N150 million bail

The Economic and Financial Crimes Commission on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, 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 state-owned refinery.

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The Ahmed Dikko arraignment took place before Justice Inyang Ekwo, who heard the 12-count charge marked FHC/ABJ/CR/360/2026 filed against the former refinery chief and Masterpiece Projects & Investment Limited.

Dikko, who served as Managing Director of the Port Harcourt Refining Company from March 2020 for about four years, pleaded not guilty to all the charges when they were read in court.

According to the EFCC, the former refinery boss allegedly laundered N1,322,839,112.70, which investigators claim formed part of proceeds connected with contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery.

The anti-graft agency alleged that the funds were channelled through cash purchases of property, undisclosed bank retentions, concealment of money through third parties and unauthorised foreign exchange transactions.

One of the charges alleged that Dikko made a cash payment equivalent to N218,375,000 to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without processing the transaction through a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The EFCC also alleged that on June 26, 2023, Dikko disguised the origin of N328,710,337.50 paid into a GTBank account operated by Masterpiece Projects & Investment Limited.

According to the prosecution, the money was transferred by OMSA Integrated Services Limited from transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export, despite allegedly constituting proceeds of unlawful activity.

In another count, the commission accused the former refinery chief of unlawfully converting 77,080 US dollars through a third party, Ibrahim Isa Yaro, between October 2022 and May 2025.

The EFCC alleged that the foreign currency did not form part of Dikko’s known lawful earnings while serving as a public officer.

Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail on behalf of his client 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 in like amount.

The judge ordered that the surety must reside within the jurisdiction of the court and own landed property valued at no less than the bail sum.

The court also directed Dikko to surrender his international passport and ordered that he remain in EFCC custody until the bail conditions are fulfilled.

Justice Ekwo subsequently adjourned the case to October 12, 13 and 14, 2026, for the commencement of trial.

The Ahmed Dikko arraignment is the latest in a series of high-profile corruption and financial crime prosecutions involving officials linked to Nigeria’s oil and gas sector.

The rehabilitation of the Port Harcourt refinery has remained under intense public scrutiny following substantial government investment aimed at restoring refining capacity and reducing the country’s dependence on imported petroleum products.

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Under Nigerian law, the filing of criminal charges does not amount to a conviction. Dikko is presumed innocent unless and until the allegations against him are proved beyond reasonable doubt in court.