EFCC Arraigns Ex-Port Harcourt Refinery MD Over Alleged N1.32bn Fraud
By Anne Osemekeh, Abuja
The Economic and Financial Crimes Commission (EFCC) has arraigned former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Adamu Dikko on a 12-count charge of alleged money laundering involving N1.32 billion.
Disclosing this in a statement, EFCC’s Head of Media and Publicity, Mr. Dele Oyewole, said Dikko was arraigned on Wednesday before Justice Inyang Ekwo of the Federal High Court, Abuja.
Dikko and Masterpiece Projects & Investment Limited were arraigned on charges alleging the laundering of proceeds linked to contracts awarded by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.
According to the EFCC, Dikko allegedly used illicit funds to purchase property with cash, concealed proceeds through third parties, retained undisclosed funds in bank accounts and carried out unauthorised foreign currency conversions, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also alleged that he disguised the origin of N328.7 million paid into the account of Masterpiece Projects & Investment Limited from transactions involving NNPCL’s Vacuum Gas Oil export allocation and converted $77,080 outside his known legitimate earnings.
Dikko pleaded not guilty to all 12 counts.
Following arguments by both parties, Justice Ekwo granted the defendant bail in the sum of N150 million with one surety resident within the court’s jurisdiction and owning landed property valued at not less than the bail sum. He was ordered remanded in EFCC custody pending the fulfilment of the bail conditions.
The case was adjourned to October 12, 13 and 14, 2026, for trial.
Dikko, who headed the Port Harcourt Refining Company from 2020 for about four years, is being investigated as part of a wider EFCC probe into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
