The Economic and Financial Crimes Commission (EFCC) has arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja, for allegedly laundering funds traced to contractors of the Nigerian National Petroleum Company Limited (NNPCL).
Dikko was brought before Justice Inyang Ekwo on a 12-count charge bordering on money laundering, unlawful possession of proceeds of crime and concealment of illicit funds. He pleaded not guilty to all the charges.
Also named as a defendant in the case is Masterpiece Projects & Investment Limited.
According to the EFCC, Dikko allegedly received and retained funds linked to contractors handling projects for PHRC and used part of the money to acquire a high-value property in Abuja, through cash payments outside the banking system, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
At Wednesday’s proceedings, EFCC counsel, Ekele Iheanacho (SAN), told the court that the prosecution was ready to proceed with the arraignment.
Defence counsel, Ikechukwu Ajunwa (SAN), did not oppose the arraignment, but requested that a not guilty plea be entered on behalf of the corporate defendant.
Following Dikko’s plea, the prosecution sought a trial date, while the defence urged the court to grant the former refinery boss bail, arguing that he had consistently honoured EFCC invitations while on administrative bail and posed no flight risk.
The prosecution opposed the application, relying on a counter-affidavit and written address filed before the court.
In his ruling, Justice Ekwo held that although bail is discretionary, it remains a constitutional right unless compelling reasons exist to deny it.
The judge consequently granted Dikko bail in the sum of ₦150 million with one surety in like amount.
The surety must own landed property within the court’s jurisdiction, with the title documents to be verified by the court registrar.
Dikko was also ordered to surrender his international passport and prohibited from travelling outside Nigeria without the court’s approval.
The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
According to the charge, the EFCC alleged that Dikko made a cash payment of ₦218.375 million in February 2024 to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution.
The anti-graft agency further accused him of retaining ₦100 million in a Fidelity Bank account between October 21 and 25, 2022, allegedly paid by Ebenco Global Link Limited, a contractor to PHRC under NNPCL.
The commission also alleged that between December 2022 and December 2023, Dikko retained another ₦90 million in his GTBank account from the same contractor.
Other counts accuse him of receiving ₦30 million through an account operated by another individual on behalf of a PHRC contractor, concealing the source of ₦328.71 million paid into the account of Masterpiece Projects & Investment Limited, receiving an additional ₦59.2 million from related transactions, and procuring another contractor to receive ₦356.41 million on his behalf.
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The EFCC further alleged that Dikko converted a total of $77,080 between October 2022 and May 2025 through a third party, despite the funds allegedly being inconsistent with his legitimate earnings as a former senior NNPCL official.
In the final count, prosecutors accused him of receiving ₦20 million through a GTBank account operated by his son, Ahmed Ahmed Dikko, maintaining that the funds were proceeds of unlawful activity.
The EFCC said the alleged offences contravene several provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
