The Federal High Court in Abuja on Wednesday granted bail to the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, who is standing trial over an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the state-owned refinery.
The Punch reported that Justice Inyang Ekwo admitted Dikko to bail in the sum of N150 million with one surety in like sum after he pleaded not guilty to a 12-count charge filed by the Economic and Financial Crimes Commission.
The judge ruled that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail sum.
Justice Ekwo also ordered Dikko to surrender his international passport and directed that he remain in EFCC custody until he fulfils the bail conditions.
Dikko was arraigned alongside Masterpiece Projects & Investment Limited on charges marked FHC/ABJ/CR/360/2026.
The EFCC alleged that the former refinery boss laundered N1,322,839,112.70, said to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery. The commission accused him of using the funds for cash property purchases, undisclosed bank retentions, concealment of funds through third parties and unauthorised foreign exchange transactions.
One of the charges alleged, “That you, Ahmed Adamu Dikko… did directly make cash payment of the dollar equivalent of the sum of N218,375,000 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution,” contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission further alleged in count eight, “That you Ahmed Adamu Dikko… on or about the 26th of June, 2023… disguised the origin of the sum of N328,710,337.50 paid into the GTBank Account… operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when you knew that the said sum… constituted proceeds of unlawful activity.”
In count 11, the EFCC accused Dikko of unlawfully converting foreign currency, alleging, “That you, Ahmed Adamu Dikko between October 2022 and May 2025, did convert the aggregate sum of $77,080 through Ibrahim Isa Yaro, which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd.”
Following Dikko’s not-guilty plea, his counsel, Okechukwu Ajunwa (SAN), urged the court to grant him bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
The court subsequently adjourned the matter until October 12, 13 and 14, 2026, for trial.
