Former P’Harcourt Refinery MD charged over alleged N1.32 billion money laundering, granted N150 million bail

The Economic and Financial Crimes Commission (EFCC) on Wednesday charged Ahmed Adamu Dikko, former Managing Director of Port Harcourt Refining Company Ltd (PHRC), before Justice Inyang Ekwo of the Federal High Court, Abuja, on 12 counts bordering on money laundering.

The complaint, marked FHC/ABJ/CR/360/2026 and dated and filed on June 22 by the Commission’s attorney, Ekele Iheanacho, SAN, lists Dikko and Masterpiece Projects & Investment Limited as the first and second defendants respectively.

Dikko, who headed the Port Harcourt Refining Company for about four years, pleaded not guilty to the 12 charges the Commission filed against him on Wednesday, July 8, 2026.

The EFCC accused Dikko of laundering N1,322,839,112.7 (One Billion, Three Hundred and Twenty Two Million, Eight Hundred and Thirty Nine Thousand, One Hundred and Twelve Naira, Seven Kobo) of proceeds allegedly related to contractors employed by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery, through the purchase of cash properties, undisclosed bank retention, concealment of third party funds, and unauthorized currency conversion, in violation of the Act (Prevention and Prohibition) of Money Laundering, 2022.

Count one reads in part: “That you AHMED ADAMU DIKKO…directly made a cash payment of the sum of dollars equivalent to the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without going through a Financial Institution and thereby you committed an offense contrary to Sections 2(1)(a), 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.”

Count eight reads: “That you AHMED ADAMU DIKKO, former Managing Director of Port Harcourt Refining Company Ltd (PHRC) on or about the 26th of June 2023 at Abuja within the jurisdiction of this Honorable Court disguised the origin of the sum of N328,710,337.50 (Three Hundred Twenty Eight Million Seven Hundred Ten Thousand Three Hundred Thirty Seven Naira, Fifty Kobo) paid into the Account of GTBank Plc No. 0123201507 operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving the allocation of NNPC Limited Vacuum Gas Oil for export when you know that the said amount of N328,710,337.50 is the proceeds of unlawful activities and thereby you commit an offense contrary to Section 18(2) (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Count eleven reads: “That you AHMED ADAMU DIKKO between October 2022 and May 2025 have converted the aggregate amount of $77,080 through Ibrahim Isa Yaro which amount does not form part of your known legitimate income as a former public officer of the Nigerian National Petroleum Company Ltd and thereby you committed an offense contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and is punishable under Article 18(3) of the same Act.”

The defendant pleaded not guilty to the charges when they were read to him.

Furthermore, the defendant’s attorney Okechukwu Ajunwa, SAN asked the court to grant bail to the defendant pending the verdict of the lawsuit. But Iheanacho opposed the bail application.

In his ruling on the bail application, Justice Ekwo granted the defendant bail of N150 million with a surety who must reside within the jurisdiction of the court and with a piece of land whose value is not less than the bail amount. He ordered that the defendant be remanded to EFCC custody pending when he is able to fulfill bail conditions.

Therefore, the trial was postponed until 12, 13 and 14 October 2026.

Dikko, an engineer, was reportedly appointed Managing Director of the Port Harcourt Refining Company in March 2020 with a mandate to drive the rehabilitation of the moribund refinery. He led the company for approximately four years before leaving his position.

The charges against Dikko are part of a wider EFCC investigation into the alleged diversion of funds spent on the maintenance and rehabilitation of Nigeria’s state-owned refinery.