The Economic and Financial Crimes Commission brought Ahmed Dikko, ex-managing director of the Port Harcourt Refining Company, before a federal high court in Abuja on Wednesday over claims he laundered N1.32 billion tied to the refinery's rehabilitation work.
Justice Inyang Ekwo heard the 12-count charge against Dikko, who allegedly moved N1.322 billion in suspected proceeds from contracts connected to the state-owned refinery's overhaul. Masterpiece Projects & Investment Limited was named as the second defendant in the case filed on June 22 by EFCC prosecutor Ekele Iheanacho.
Dikko pleaded not guilty to every count when the charges were read in court. The EFCC alleged he hid the proceeds through cash property buys, secret bank dealings, transfers via third parties, and illegal foreign currency deals, breaching the Money Laundering (Prevention and Prohibition) Act, 2022.
In one instance, authorities claimed he paid N218.38 million in dollars in cash to buy a property on Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, bypassing banks entirely. The law requires such transactions run through financial institutions.
Another count alleged Dikko masked the source of N328.71 million paid into Masterpiece Projects & Investment Limited's account by OMSA Integrated Services Limited from Vacuum Gas Oil export deals managed by the Nigerian National Petroleum Company Limited. Between October 2022 and May 2025, he allegedly converted $77,080 through Ibrahim Isa Yaro without the money coming from legitimate earnings as a former public officer.
Dikko's defence lawyer, Okechukwu Ajunwa, asked the court to free his client on bail ahead of trial, saying he wouldn't disrupt proceedings. The prosecution fought the request.
Justice Ekwo granted bail at N150 million with one surety living within court jurisdiction who owns landed property valued at least N150 million. Until bail conditions are met, Dikko remains in EFCC custody.
Trial hearings were set for October 12, 13 and 14, 2026. An engineer by training, Dikko took charge of the Port Harcourt Refining Company in March 2020 to guide its long-stalled rehabilitation project, serving roughly four years in the role.
