N150m bail for Port Harcourt refinery's Ahmed Dikko over N1.3bn laundering charges

Ahmed Dikko, the immediate past Managing Director of the Port Harcourt Refining Company Limited, appeared before the Federal High Court in Abuja on Wednesday, following his arraignment by the Economic and Financial Crimes Commission (EFCC). He faces allegations involving a N1.32 billion money laundering scheme, reportedly connected to the ongoing rehabilitation efforts at the government-owned refinery. Presiding over the case, Justice Inyang Ekwo heard the 12-count charge, identified as FHC/ABJ/CR/360/2026, which also names Masterpiece Projects & Investment Limited as a co-defendant. Mr. Dikko, who led the Port Harcourt refinery for approximately four years starting from March 2020, entered a plea of not guilty to all accusations.

The EFCC's allegations state that Dikko laundered a total of N1,322,839,112.70. These funds are believed to be proceeds from contractors engaged by the Nigerian National Petroleum Company Limited for the Port Harcourt refinery's rehabilitation. The anti-graft agency detailed various methods of alleged laundering, including the purchase of properties with cash, undisclosed bank retentions, the concealment of funds through third-party individuals, and unauthorized foreign exchange transactions.

One specific charge highlighted by the commission details: “That you AHMED ADAMU DIKKO… did directly make cash payment of the dollar equivalent of the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution,” an act deemed contrary to the Money Laundering (Prevention and Prohibition) Act, 2022. Furthermore, in count eight, the EFCC alleged: “That you AHMED ADAMU DIKKO… on or about the 26th of June, 2023… disguised the origin of the sum of N328,710,337.50 paid into the GTBank account… operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when you knew that the said sum… constituted proceeds of unlawful activity.”

In another instance, specifically count 11, the former refinery boss was accused of unlawfully converting foreign currency. The charge read: “That you AHMED ADAMU DIKKO between October 2022 and May 2025 did convert the aggregate sum of $77,080 thousand through Ibrahim Isa Yaro, which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd.”

Following Dikko's plea, his defence counsel, Okechukwu Ajunwa (SAN), requested the court to grant his client bail pending the trial. However, the EFCC's counsel, Ekele Iheanacho (SAN), opposed the application. Justice Ekwo, in his ruling, granted Dikko bail in the sum of N150 million, requiring one surety of the same amount. The judge stipulated that the surety must reside within the court’s jurisdiction and possess landed property valued at no less than the bail sum. Additionally, the defendant was directed to surrender his international passport and will remain in EFCC custody until the bail conditions are met. The trial has been adjourned to October 12, 13, and 14, 2026.