Former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, appeared in court this Wednesday in Abuja for a money laundering case involving N1.32 billion in relation to the rehabilitation of the Port Harcourt refinery.
Ahmed Adamu Dikko, who was accompanied by Masterpiece Projects & Investment Limited, appeared in court on 12 counts bordering on money laundering charges. He pleaded not guilty to all the charges.
From EFCC’s claims, Ahmed Adamu Dikko is charged with laundering N1.322 billion in proceeds from contractors that were appointed by Nigerian National Petroleum Company Limited (NNPCL) to rehabilitate the Port Harcourt refinery through purchasing cash properties, concealing cash, undisclosed bank retentions, and unauthorized foreign exchange transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC accused him of having made a cash payment worth N218.38 million for the acquisition of property in Abuja without utilizing any bank, and hid an excess of N328.7 million via the account of a company used in the dealings involving the export allocation of Vacuum Gas Oil.
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Additionally, the EFCC accused him of laundering $77,080 from October 2022 to May 2025, not included in his declared income.
Following his plea, Ajunwa, SAN, applied for bail for him while EFCC counsel, Iheanacho, SAN, opposed the bail application.
Ekwo J granted Dikko bail in the sum of N150 million, and he will have one surety who is to live within the jurisdiction of the court and must own landed property worth not less than the bail sum.
In addition, the court said he should be kept in the custody of the EFCC pending the bail conditions being met.
The matter was adjourned till October 12, 13, and 14, 2026, for trial.
The charges were filed as part of the ongoing investigation by the EFCC against the alleged misappropriation of money meant for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
