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

Crime Diary

ABUJA, Nigeria (NPA) — 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 alleged money laundering involving more than N1.32 billion.

Dikko was arraigned on Wednesday before Justice Inyang Ekwo on a 12-count charge bordering on alleged money laundering.

The charge, marked FHC/ABJ/CR/360/2026, also lists Masterpiece Projects & Investment Limited as the second defendant.

According to the EFCC, Dikko allegedly 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 alleged that the funds were concealed through cash purchases of property, undisclosed bank transactions, third-party accounts and unauthorised foreign currency conversions, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges alleges that Dikko made a cash payment equivalent to N218.38 million for the purchase of a property in Katampe Extension, Abuja, without passing through a financial institution, as required by law.

Another count alleges that he disguised the origin of N328.71 million paid into the account of Masterpiece Projects & Investment Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export, knowing the funds allegedly represented proceeds of unlawful activity.

The EFCC further alleged that between October 2022 and May 2025, Dikko converted $77,080 through a third party, despite the amount allegedly not forming part of his known lawful earnings as a public officer.

The former refinery boss pleaded not guilty to all 12 counts.

Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail, while the prosecution, led by 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 and owning landed property valued at not less than the bail amount.

The court ordered that the defendant remain in the custody of the EFCC until he fulfils the bail conditions.

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

The allegations remain before the court, and Dikko has not been convicted of any offence.