Ex-Port Harcourt Refinery MD Ahmed Dikko Arraigned Over Alleged ₦1.32bn Money Laundering

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 ₦1.32 billion money laundering scheme connected to the rehabilitation of the Port Harcourt Refinery.

Dikko, who headed the refinery during a critical phase of its rehabilitation, appeared before Justice Inyang Ekwo alongside Masterpiece Projects & Investment Limited on a 12-count charge bordering on money laundering. The charges form part of a wider EFCC investigation into the management of funds released for the rehabilitation of Nigeria's state-owned refineries. He pleaded not guilty to all the charges.

According to the EFCC, Dikko allegedly laundered ₦1,322,839,112.07 believed to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the Port Harcourt refinery rehabilitation project.

The anti-graft agency alleged that the funds were concealed through several channels, including cash purchases of expensive properties without passing through financial institutions, retention of undisclosed funds in bank accounts, concealment of proceeds through third parties, and unauthorized foreign currency conversions, all of which allegedly violated the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges alleges that Dikko made a cash payment equivalent to ₦218,375,000 for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without routing the payment through a financial institution as required by law.

According to the EFCC, another count accuses the former refinery boss of disguising the origin of ₦328,710,337.50 allegedly paid by OMSA Integrated Services Limited into the GTBank account of Masterpiece Projects & Investment Limited from transactions involving the NNPCL's allocation of Vacuum Gas Oil for export.

The Commission further alleged that between October 2022 and May 2025, Dikko converted $77,080 through Ibrahim Isa Yaro, despite the money allegedly not forming part of his known lawful earnings as a former public officer.

Following the defendant's plea of not guilty, the prosecution, led by Ekele Iheanacho (SAN), requested the court to fix a date for trial. Defence counsel, Okechukwu Ajunwa (SAN), urged the court to grant his client bail, arguing that Dikko had complied with the administrative bail earlier granted by the EFCC and would neither interfere with the investigation nor abscond.

Justice Inyang Ekwo, while ruling on the application, held that bail remains a constitutional right and stated that sufficient grounds had not been established to justify denying the defendant bail.

The court admitted Dikko to bail in the sum of ₦150 million with one surety in like sum. The surety must reside within the court's jurisdiction, own landed property valued at not less than the bail amount, and submit relevant title documents for verification. The judge also ordered Dikko to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior judicial approval. Pending the fulfilment of the bail conditions, he was ordered to remain in the custody of the EFCC.

The trial was subsequently adjourned to October 12, 13 and 14, 2026.

According to the EFCC, the charges against Dikko are part of a broader investigation into the alleged diversion and laundering of public funds earmarked for the turnaround maintenance and rehabilitation of Nigeria's government-owned refineries. The Commission maintains that the prosecution is aimed at strengthening accountability and ensuring that public resources allocated to strategic national infrastructure projects are properly managed.

The case comes barely two weeks after the EFCC filed separate charges against Dikko and former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu, over alleged financial misconduct connected to refinery rehabilitation funds.

The rehabilitation of Nigeria's refineries has consumed billions of naira over the years amid persistent concerns about transparency, delays and value for money. Allegations involving senior officials responsible for overseeing those projects raise fresh questions about accountability in the management of public funds and the effectiveness of oversight mechanisms.

The outcome of this trial could influence public confidence in ongoing anti-corruption efforts and determine how future refinery rehabilitation projects are monitored. If successfully prosecuted, the case may also reinforce stricter enforcement of Nigeria's anti-money laundering laws for public officials and contractors handling government funds.

Ahmed Adamu Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 to oversee the rehabilitation of the long-moribund refinery. He served in the position for approximately four years before leaving office. His administration coincided with one of Nigeria's most expensive refinery rehabilitation programmes, making the allegations particularly significant given the national importance of restoring domestic refining capacity.

ℙℝ𝕆𝔾ℝ𝔼𝕊𝕊 𝕍𝕀𝔼𝕎𝕊 𝕀ℕ𝕊𝕀𝔾ℍ𝕋𝕊

The allegations against a former refinery chief highlight that transparency and accountability remain essential to the success of Nigeria's energy reforms. While the EFCC has presented its allegations before the court, the defendant has pleaded not guilty, and the legal process must be allowed to run its full course. Regardless of the eventual outcome, the case underscores the growing public demand for prudent management of public resources and greater scrutiny of large-scale government infrastructure projects.