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 offence linked to the rehabilitation of the Port Harcourt refinery.
Dikko was arraigned on Wednesday before Justice Inyang Ekwo on a 12-count charge bordering on money laundering. The charge, marked FHC/ABJ/CR/360/2026, also listed Masterpiece Projects & Investment Limited as the second defendant.
According to the EFCC, Dikko allegedly laundered N1,322,839,112.70, proceeds believed to have been generated 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 concealed through cash property purchases, undisclosed bank retentions, third-party transactions 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 for the purchase of a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, as required by law.
Another count accused the former refinery boss of concealing the origin of N328.71 million allegedly paid into the account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving the allocation of Vacuum Gas Oil for export by NNPC Limited.
The EFCC also alleged that between October 2022 and May 2025, Dikko converted 77,080 US dollars through a third party, Ibrahim Isa Yaro, with funds that allegedly did not form part of his known lawful earnings as a public officer.
The defendant pleaded not guilty to all 12 counts when they were read before the court.
Following his plea, counsel to the defendant, Okechukwu Ajunwa, SAN, applied for bail, while EFCC counsel, Ekele Iheanacho, SAN, opposed the application.
In his ruling, Justice Ekwo granted Dikko bail in the sum of N150 million with one surety resident within the jurisdiction of the court. The court also ordered that the surety must possess a landed property valued at not less than the bail sum.
Pending the fulfilment of the bail conditions, the court ordered that Dikko be remanded in the custody of the EFCC.
Justice Ekwo subsequently adjourned the matter to October 12, 13 and 14, 2026, for the commencement of trial.
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 to oversee the rehabilitation of the refinery and served in the position for about four years.
The charges against the former refinery chief are part of the EFCC’s broader investigation into the alleged diversion of funds earmarked for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.