The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Adamu Dikko, before the Federal High Court in Abuja over an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the Port Harcourt refinery.
Dikko was arraigned on Wednesday, July 8, 2026, before Justice Inyang Ekwo on a 12-count charge bordering on money laundering alongside Masterpiece Projects & Investment Limited, which was listed as the second defendant.
According to the EFCC, Dikko allegedly laundered N1,322,839,112.70, said to be proceeds from contracts awarded 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 laundered through cash purchases of properties, retention of undisclosed funds in bank accounts, concealment of money through third parties and unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleged that Dikko made a cash payment equivalent to N218.375 million to purchase a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, an act the EFCC said violated the anti-money laundering law.
In another count, the Commission accused the former refinery boss of disguising the origin of N328.71 million paid into the bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited. The EFCC alleged that the money originated from transactions involving the allocation of Vacuum Gas Oil for export by NNPCL and constituted proceeds of unlawful activity.
The Commission further alleged that between October 2022 and May 2025, Dikko converted a total of $77,080 through one Ibrahim Isa Yaro, despite the amount allegedly not forming part of his known lawful earnings as a former public officer.
Dikko pleaded not guilty to all 12 counts.
Following his plea, defence counsel, Okechukwu Ajunwa (SAN), applied for bail, while EFCC counsel, Ekele Iheanacho (SAN), opposed the request.
In his ruling, Justice Ekwo granted the defendant bail in the sum of N150 million with one surety who must reside within the court’s jurisdiction and possess landed property valued at not less than the bail amount.
The judge, however, ordered that Dikko be remanded in the custody of the EFCC until he meets the bail conditions.
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 refinery. His prosecution is part of the EFCC’s wider investigation into the alleged diversion of funds earmarked for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
