The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a former Managing Director of the Port Harcourt Refining Company Limited (PHCL), Ahmed Adamu Dikko, before the Federal High Court in Abuja over alleged money laundering.
Naijaonpoint reports that Dikko was arraigned before Justice Inyang Ekwo on a 12-count charge marked FHC/ABJ/CR/360/2026.
The charge, filed on June 22 by EFCC counsel, Ekele Iheanacho (SAN), listed Dikko and Masterpiece Projects & Investment Limited as first and second defendants.
The former refinery boss pleaded not guilty when the charges were read to him.
The EFCC accused Dikko of laundering ₦1,322,839,112.07 allegedly linked to contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery.
The commission alleged that the funds were laundered through cash property purchases, undisclosed bank retentions, third-party concealment and unauthorised currency conversion.
One of the counts alleged that Dikko made a cash payment equivalent to ₦218,375,000 for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through a financial institution.
Another count alleged that he disguised the origin of ₦328,710,337.50 paid into a GTBank account operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited.
The EFCC also alleged that between October 2022 and May 2025, Dikko converted $77,080 through one Ibrahim Isa Yaro, which it claimed did not form part of his lawful earnings as a former public officer.
After Dikko pleaded not guilty, his counsel, Okechukwu Ajunwa (SAN), urged the court to grant him bail pending trial.
The prosecution opposed the application.
In his ruling, Justice Ekwo granted Dikko bail in the sum of ₦150 million with one surety resident within the court’s jurisdiction.
The surety must also have landed property valued at not less than the bail sum.
The judge ordered that Dikko be remanded in EFCC custody pending the perfection of his bail conditions.
The matter was adjourned till October 12, 13 and 14, 2026, for trial.
