The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Adamu Dikko, before the Federal High Court in Abuja over an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the Port Harcourt refinery.
According to an official signed statement by the Head, Media and Publicity, Dele Oyewale, Dikko was arraigned on Wednesday, July 8, 2026, before Justice Inyang Ekwo on a 12-count charge bordering on money laundering. The charge, marked FHC/ABJ/CR/360/2026, also listed Masterpiece Projects & Investment Limited as the second defendant.
The EFCC alleged that Dikko laundered N1,322,839,112.70, said to be proceeds from contracts awarded by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery. The Commission accused him of using the funds for cash property purchases, concealing money through third-party accounts, retaining undisclosed funds in bank accounts and carrying out unauthorised foreign currency conversions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleged that Dikko made a cash payment equivalent to N218.375 million for the purchase of a property located at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the transaction through a financial institution.
Another count accused the former PHRC boss of concealing the origin of N328.71 million paid into the Guaranty Trust Bank account of Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving NNPCL’s allocation of Vacuum Gas Oil for export, with the EFCC alleging the funds were proceeds of unlawful activity.
The Commission also alleged that between October 2022 and May 2025, Dikko converted an aggregate sum of 77,080 US dollars through one Ibrahim Isa Yaro, claiming the funds did not form part of his legitimate earnings as a former public officer with the Nigerian National Petroleum Company Limited.
Dikko pleaded not guilty to all 12 counts when they were read before the court.
Following his plea, defence counsel, Okechukwu Ajunwa, SAN, applied for bail, while EFCC counsel, Ekele Iheanacho, SAN, opposed the application.
Justice Ekwo subsequently granted the defendant bail in the sum of N150 million with one surety resident within the court’s jurisdiction who must own landed property valued at not less than the bail sum. The court also ordered that Dikko remain in EFCC custody until he meets the bail conditions.
The case was adjourned to October 12, 13 and 14, 2026, for trial.
According to the EFCC, the prosecution is part of a broader investigation into the alleged diversion of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
