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REFINERY FRAUD: EFCC Arraigns Former Port Harcourt Refinery MD Ahmed Dikko Over ₦1.32bn Money Laundering
Loading …ABUJA, NIGERIA — The Economic and Financial Crimes Commission (EFCC) has officially arraigned the former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Engineer Ahmed Adamu Dikko, before a Federal High Court in Abuja over a 12-count charge bordering on a massive ₦1.32 billion money laundering scheme.
Appearing before Justice Inyang Ekwo on Wednesday, July 8, 2026, Dikko—who led the state-owned refinery for roughly four years—pleaded not guilty to the operational financial crimes. The prosecution forms part of an expansive, multi-billion naira anti-graft clampdown into how funds released by the federal government for the turnaround maintenance and rehabilitation of Nigeria’s moribund refineries were diverted.
EFCC operatives tracking public corruption. Source: WS News
The Anatomy of the ₦1.32 Billion Loot
The criminal charge, marked FHC/ABJ/CR/360/2026, was filed on June 22 by senior EFCC prosecutor Ekele Iheanacho, SAN. It names Engineer Dikko alongside a corporate entity, Masterpiece Projects & Investment Limited, as the first and second defendants respectively.
According to the anti-graft agency, the ₦1,322,839,112.70 in dispute constitutes illicit kickbacks and proceeds filtered from contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) to execute the rehabilitation of the Port Harcourt facility. Dikko is accused of using cash property acquisitions, third-party fund concealments, and illegal currency conversions to disguise the funds, directly violating the Money Laundering (Prevention and Prohibition) Act, 2022.
The specific breakdown of the counts reveals a sophisticated network of illicit cash placements:
- The Katampe Property Buy (Count One): Dikko allegedly bypassed all licensed financial institutions to make a direct, raw cash payment in US dollar equivalents worth ₦218,375,000.00 to one Hadeija Bashir. The cash was utilized to buy Plot 558, Abubakar Umar Street, Katampe Extension, Abuja.
- The Vacuum Gas Oil Divert (Count Eight): On June 26, 2023, the sum of ₦328,710,337.50, paid by OMSA Integrated Services Limited from transactions involving NNPCL allocation of Vacuum Gas Oil for export, was routed into a GTBank Account (No. 0123201507) belonging to Masterpiece Projects & Investment Limited to disguise its unlawful origins.
- Unexplained Forex Influx (Count Eleven): Between October 2022 and May 2025, Dikko allegedly used an intermediary identified as Ibrahim Isa Yaro to convert an aggregate sum of $77,080.00 into cash, an amount completely outside his known lawful earnings as a public officer.
Remanded in Custody Despite ₦150m Bail
Following the “not guilty” plea, the defense counsel, Okechukwu Ajunwa, SAN, presented a formal bail application, urging the court to release his client pending the determination of the substantive suit. The application was vigorously opposed by the EFCC legal team led by Iheanacho, SAN, citing the severity of the financial crimes against the state.
Justice Inyang Ekwo presided over the arraignment. Source: The Whistler Newspaper
In his ruling, Justice Inyang Ekwo granted Dikko bail in the sum of ₦150,000,000.00. However, the judge attached stringent administrative conditions:
| Bail Condition Layer | Court-Mandated Legal Requirements |
|---|---|
| Financial Bond | Fixed at ₦150,000,000.00 (One Hundred and Fifty Million Naira). |
| Surety Protocol | Requires one surety who must reside strictly within the FCT jurisdiction. |
| Asset Backing | The surety must possess a landed property valued at not less than the bail sum. |
| Custody Order | Remanded in EFCC custody pending full satisfaction of bail terms. |
With the bail parameters set, Justice Ekwo adjourned the case file to October 12, 13, and 14, 2026, for a definitive full-blown trial. Engineer Dikko, who was appointed by the presidency in March 2020 with a strict mandate to revitalize the dormant refinery, will remain held by anti-graft operatives in Abuja until his legal team clears the documentation for his temporary release.
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