The Economic and Financial Crimes Commission (EFCC) on Wednesday, July 8, 2026, arraigned Mr. Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refining Company Limited (PHRC), before Justice Inyang Ekwo of the Federal High Court, Abuja, on a 12-count charge bordering on alleged money laundering.
The charge, marked FHC/ABJ/CR/360/2026 and dated June 22, 2026, was filed by the Commission’s counsel, Ekele Iheanacho, SAN. It listed Dikko and Masterpiece Projects & Investment Limited as the first and second defendants, respectively.
Dikko, who led the Port Harcourt Refining Company for about four years, pleaded not guilty to all 12 counts when they were read to him.
The EFCC accused Dikko of laundering ₦1,322,839,112.07 (One Billion, Three Hundred and Twenty-Two Million, Eight Hundred and Thirty-Nine Thousand, One Hundred and Twelve Naira, Seven Kobo), proceeds allegedly linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery. The alleged offences include cash property purchases, undisclosed bank retentions, concealment of funds through third parties, and unauthorised currency conversion, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count One reads in part: “That you AHMED ADAMU DIKKO… did directly make cash payment of the dollar equivalent of the sum of ₦218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution, and you thereby committed an offence contrary to Sections 2(1)(a) and 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.”
Count Eight reads: “That you AHMED ADAMU DIKKO, former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), on or about June 26, 2023, in Abuja, within the jurisdiction of this Honourable Court, disguised the origin of the sum of ₦328,710,337.50 paid into GTBank Account No. 0123201507 operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export, when you knew that the said sum constituted proceeds of unlawful activity, and you thereby committed an offence contrary to Section 18(2)(a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Count Eleven reads: “That you AHMED ADAMU DIKKO, between October 2022 and May 2025, converted the aggregate sum of $77,080 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 Limited, and you thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.”
The defendant pleaded not guilty to all the charges.
Following his plea, counsel to the defendant, Okechukwu Ajunwa, SAN, urged the court to grant him bail pending the determination of the case. However, EFCC counsel, Iheanacho, opposed the application.
In his ruling, Justice Ekwo granted Dikko bail in the sum of ₦150 million, with one surety who must reside within the jurisdiction of the court and own landed property valued at not less than the bail sum. The judge ordered that the defendant be remanded in the custody of the EFCC pending the fulfilment of the bail conditions.
The matter was adjourned to October 12, 13 and 14, 2026, for trial.
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 with a mandate to drive the rehabilitation of the moribund refinery. He served in that capacity for approximately four years before leaving office.
The charges against Dikko are part of the EFCC’s broader investigation into the alleged diversion of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
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