The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering involving millions of naira.
Dikko appeared before Justice Inyang Ekwo on Wednesday on a 12-count charge alongside Masterpiece Projects & Investment Limited, where he pleaded not guilty to all the allegations.
According to the EFCC, the former refinery boss allegedly diverted funds believed to be proceeds of unlawful activities and used part of the money to acquire a luxury property in Katampe Extension, Abuja.
The anti-graft agency also alleged that some of the funds passed through personal and third-party bank accounts linked to contractors associated with the Nigerian National Petroleum Company Limited (NNPC Ltd.).
Following Dikko’s not guilty plea, his lawyer applied for bail, while the EFCC opposed the request.
However, Justice Ekwo granted him ₦150 million bail with one surety in the same amount.
The court ruled that the surety must own landed property within the court’s jurisdiction, while Dikko was ordered to surrender his international passport and obtain court approval before travelling outside Nigeria.
The judge subsequently adjourned the case to October 12, 13 and 14, 2026, for the commencement of trial.
According to the charge, the EFCC accused Dikko of receiving and retaining funds allegedly linked to contractors handling projects for PHRC and NNPC Ltd., laundering proceeds through multiple bank accounts and purchasing properties without using recognised financial institutions.
Among the allegations is that he allegedly made a cash payment of the naira equivalent of ₦218.4 million to purchase a property in Abuja and retained millions of naira allegedly traced to contractors working with the refinery.
The commission also accused him of concealing the origin of hundreds of millions of naira and using accounts linked to family members and associates to move suspected illicit funds.
Source: EFCC / Federal High Court Abuja
