The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over an alleged multi-million-naira money laundering scheme linked to contractors of the Nigerian National Petroleum Company Limited (NNPCL).
Dikko was docked before Justice Inyang Ekwo on a 12-count charge bordering on money laundering, unlawful possession of proceeds of crime and concealment of illicit funds.
He pleaded not guilty to all the charges.
The EFCC also listed Masterpiece Projects & Investment Limited as the second defendant in the case.
According to the anti-graft agency, Dikko allegedly received and retained funds traced to contractors handling projects for PHRC and used part of the money to acquire a high-value property in Abuja outside the banking system, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
When the case came up on Wednesday, EFCC counsel, Ekele Iheanacho (SAN), informed the court that the matter was scheduled for arraignment and that the prosecution was ready to proceed.
Counsel to the defendants, Ikechukwu Ajunwa (SAN), did not oppose the arraignment but urged the court to enter a plea of not guilty on behalf of the corporate defendant.
Following Dikko’s not guilty plea, the prosecution requested a trial date, while the defence informed the court that it had filed an application seeking bail for the former refinery boss.
Ajunwa argued that his client had consistently honoured invitations by the EFCC while enjoying administrative bail and posed no flight risk or threat to the trial.
The prosecution, however, opposed the application, relying on a counter-affidavit and written address filed on July 7, urging the court to refuse bail.
In his ruling, Justice Ekwo held that although the grant of bail remains discretionary, the Constitution recognises it as a right that can only be denied where substantial reasons are established.
The judge consequently granted Dikko bail in the sum of N150m with one surety in like sum.
The surety must own landed property within the jurisdiction of the court, while the title documents are to be verified by the court registrar.
Justice Ekwo also ordered Dikko to surrender his international passport and barred him from travelling outside Nigeria without prior approval of the court.
The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
According to the charge, the EFCC accused Dikko of making a cash payment equivalent to N218.375 million in February 2024 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution.
The commission further alleged that between October 21 and October 25, 2022, Dikko retained N100 million in his Fidelity Bank account, funds allegedly paid by Ebenco Global Link Limited, a contractor to PHRC under the NNPCL, knowing they were proceeds of unlawful activity.
The EFCC also alleged that between December 2022 and December 2023, he retained another N90m in his GTBank account from the same contractor.
In another count, prosecutors accused him of taking control of N30m in May 2022 through a GTBank account operated by one Medinus Mildred Oluba, allegedly on behalf of Ebenco Enterprises, another PHRC contractor.
The anti-graft agency further alleged that Dikko disguised the origin of N328.71m paid into the account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export.
The commission also accused him of receiving an additional N59.2m from funds transferred by OMSA Integrated Services Limited to Masterpiece Projects & Investment Limited.
Another count alleged that Dikko procured Ebenezar Oluwagbemiga of Ebenco Global Link Limited to receive N356.41m on his behalf between June 2022 and January 2023.
The EFCC further claimed that between October 2022 and May 2025, Dikko converted a total of $77,080 through one Ibrahim Isa Yaro, despite the funds allegedly being inconsistent with his known lawful earnings as a former senior official of the NNPCL.
The final count alleged that between December 2022 and April 2023, Dikko received N20m through a GTBank account operated by his son, Ahmed Ahmed Dikko, with the prosecution maintaining that the funds were proceeds of unlawful activity.
The EFCC said the alleged offences contravene various provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
