The Economic and Financial Crimes Commission has arraigned the immediate past Managing Director of the Port Harcourt Refining Company, Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering involving more than N218 million.
Dikko was on Wednesday docked before Justice Inyang Ekwo alongside Masterpiece Projects and Investment Limited on a 12-count charge bordering on alleged money laundering and unlawful financial transactions.
He, however, pleaded not guilty to all the charges, while counsel to the company, Ikechukwu Ajunwa, also entered a not guilty plea on behalf of the firm.
The EFCC alleged that Dikko used about N218.4 million to purchase a property in Katampe Extension, Abuja, without routing the funds through a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also accused the former refinery boss of receiving and retaining funds from contractors engaged by the Nigerian National Petroleum Company Limited for refinery rehabilitation projects.
According to the commission, Dikko allegedly concealed part of the funds through third parties and carried out financial transactions in breach of the law.
The EFCC further alleged that he converted $77,080 through a third party in addition to the cash payment made for the Abuja property.
Following the defendants’ plea, EFCC counsel, Ekele Iheanacho, urged the court to fix a date for trial.
Counsel to the defendants, Ajunwa, subsequently applied for bail, arguing that Dikko had complied with the administrative bail earlier granted by the commission and would neither abscond nor interfere with the trial.
The prosecution opposed the application, asking the court to reject it based on a counter-affidavit already filed.
In his ruling, Justice Ekwo held that bail is a constitutional right and that there were no sufficient grounds to deny the defendant his liberty pending trial.
The judge admitted Dikko to bail in the sum of N150 million with one surety in like amount.
He ordered that the surety must own landed property within the court’s jurisdiction, submit the title documents for verification and be a responsible citizen.
Justice Ekwo also directed Dikko to surrender his international passport and barred him from travelling outside Nigeria without the court’s approval.
The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
The arraignment is the latest development in the EFCC’s investigation into the alleged diversion of funds approved for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
About two weeks ago, the commission filed separate money laundering charges against Dikko and the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu.
The EFCC said its ongoing probe into the refinery rehabilitation projects has so far led to the recovery of over N9.4 billion, $21.2 million and several landed properties allegedly linked to the suspected fraud.
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