EFCC arraigns ex-Port Harcourt refinery MD over alleged N1.32bn money laundering

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Ahmed Dikko, former managing director of the Port Harcourt Refining Company (PHRC), 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.

Dikko was brought before Inyang Ekwo (Justice) on a 12-count charge alleging that he laundered N1.322 billion in proceeds suspected to have been derived from contracts awarded for the rehabilitation of the Port Harcourt refinery.

The anti-graft agency also listed Masterpiece Projects & Investment Limited as the second defendant in the charge marked FHC/ABJ/CR/360/2026, which was filed on June 22 by Ekele Iheanacho, EFCC counsel.

The former refinery chief pleaded not guilty to all 12 counts when the charges were read to him.

According to the EFCC, Dikko allegedly concealed proceeds of unlawful activities through cash purchases of high-value properties, undisclosed bank transactions, third-party fund transfers, and unauthorised foreign currency conversions, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges alleged that Dikko made a cash payment equivalent to N218.38 million in dollars to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution as required by law.

Another count accused him of disguising the origin of N328.71 million allegedly paid into the bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving the allocation of Vacuum Gas Oil for export by the Nigerian National Petroleum Company Limited (NNPCL).

The EFCC further alleged that between October 2022 and May 2025, Dikko converted an aggregate sum of $77,080 through one Ibrahim Isa Yaro, despite the funds allegedly not forming part of his known legitimate earnings as a former public officer.

Following his plea, Okechukwu Ajunwa,
defence counsel, urged the court to admit his client to bail pending trial, arguing that he would not interfere with proceedings.

The prosecution, however, opposed the application.

In his ruling, Ekwo granted Dikko bail in the sum of N150 million with one surety resident within the court’s jurisdiction. The surety must also own landed property valued at no less than the bail sum.

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

The case was adjourned until October 12, 13 and 14, 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 long-idle refinery and served for about four years.