EFCC arraigns ex-Port Harcourt Refinery MD over N1.32bn fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Adamu Dikko, before the Federal High Court in Abuja over alleged money laundering involving more than N1.32 billion.

Dikko was docked before Justice Inyang Ekwo alongside Masterpiece Projects & Investment Limited on a 12-count charge bordering on money laundering and concealment of alleged proceeds of crime.

The EFCC alleged that the former refinery boss laundered N1.322 billion linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery.

According to the anti-graft agency, the funds were allegedly concealed through cash purchases of properties, undisclosed bank transactions, third-party accounts and unauthorised foreign currency conversions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges alleged that Dikko made a cash payment equivalent to N218.38 million for the purchase of a property in Katampe Extension, Abuja, without routing the transaction through a financial institution.

The commission also accused him of disguising the origin of N328.71 million paid into the account of Masterpiece Projects & Investment Limited from transactions involving the allocation of Vacuum Gas Oil for export by NNPCL.

In another count, the EFCC alleged that Dikko converted a total of $77,080 between October 2022 and May 2025 through a third party, despite the funds not forming part of his legitimate earnings as a public officer.

The former managing director pleaded not guilty to all 12 charges.

Following his plea, defence counsel Okechukwu Ajunwa (SAN) applied for bail, while EFCC counsel Ekele Iheanacho (SAN) opposed the application.

Justice Ekwo, however, granted Dikko bail in the sum of N150 million with one surety resident within the court’s jurisdiction who must own landed property valued at not less than the bail amount.

The court ordered that he be remanded in EFCC custody pending the fulfilment of the bail conditions.

The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.

Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in 2020 to oversee the rehabilitation of the state-owned refinery.

The prosecution forms part of the EFCC’s broader investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s government-owned refineries.