Ahmed Adamu Dikko, the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), has been arraigned before the Federal High Court in Abuja on a 12-count charge bordering on money laundering.
The charges, filed by the Economic and Financial Crimes Commission (EFCC), center on an alleged N1.32 billion fraud scheme linked to rehabilitation contracts for the state-owned refinery.
The Charges
Dikko, who led the PHRC for approximately four years starting in March 2020, was docked alongside a company, Masterpiece Projects & Investment Limited, which the EFCC identified as the second defendant in the case.
According to the anti-graft agency, the alleged illicit activities took place between 2022 and 2025. Key allegations include:
Concealment of Funds: The EFCC alleges that Dikko used various methods to disguise the origins of funds, including undisclosed bank retentions, third-party transactions, and unauthorized currency conversions.
Illegal Property Purchase: One of the specific charges alleges that Dikko made a cash payment equivalent to N218.38 million to acquire a property in the Katampe Extension area of Abuja, bypassing financial institutions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Contractor-Linked Transactions: The prosecution claims that large sums were funneled through accounts linked to contractors working on the NNPC Limited-funded rehabilitation of the Port Harcourt refinery.
Court Proceedings & Bail Conditions
During the arraignment before Justice Inyang Ekwo, the defendants pleaded not guilty to all 12 counts.
Following the plea, the defense counsel, Okechukwu Ajunwa (SAN), applied for bail, arguing that the former MD had complied with previous administrative bail conditions set by the EFCC. While the prosecution opposed the application, Justice Ekwo granted bail under strict conditions:
Bail Amount: Fixed at N150 million.
Surety: The defendant must provide one surety resident within the court’s jurisdiction who possesses landed property valued at no less than the bail sum.
Travel Restrictions: The court ordered the deposit of Dikko’s international passport and prohibited him from traveling outside the country pending the trial.
Dikko will remain in EFCC custody until these bail conditions are fully met. The court has adjourned the matter until October 12–14, 2026, for the commencement of the trial.
This is a developing story. Stay tuned to PORTHARCOURTBLOG for updates on the legal proceedings and further developments regarding the rehabilitation of our local refining infrastructure.
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