The former Managing Director of Port Harcourt Refining Company, Ahmed Dikko, has pleaded not guilty to a 12-count charge of money laundering filed by the Economic and Financial Crimes Commission.
Dikko was arraigned on Wednesday before Justice Inyang Ekwo of the Federal High Court in Abuja alongside Masterpiece Projects & Investment Ltd, listed as the second defendant in the case.
According to the EFCC, Dikko allegedly used about N218.4 million to purchase a property in Katampe Extension, Abuja, without routing the funds through a financial institution. The commission said the act violates the Money Laundering (Prevention and Prohibition) Act, 2022. Prosecutors also accused him of converting $77,080 through a third party and receiving payments from contractors engaged by the Nigerian National Petroleum Company Limited.
Counsel to the EFCC, Ekele Iheanacho, told the court the matter was for plea. Dikko entered a not guilty plea to all counts. His lawyer, Ikechukwu Ajunwa, also pleaded not guilty on behalf of the company.
After the plea, the prosecution asked for a trial date. Ajunwa then applied for bail, saying Dikko had met all administrative bail conditions granted by the EFCC and would not interfere with the trial. The EFCC opposed the request, citing a counter-affidavit and written address already filed.
In his ruling, Justice Ekwo said bail is a constitutional right and can only be denied on strong grounds. He granted Dikko bail in the sum of N150 million with one surety in the same amount.
The judge ruled that the surety must own property within the court’s jurisdiction, submit title documents to the court registrar for verification, and be a person of good standing. Dikko was also ordered to deposit his international passport and must not travel outside Nigeria without court approval.
The case was adjourned to October 12, 13 and 14, 2026 for trial to begin.
The arraignment comes two weeks after the EFCC filed separate charges against Dikko and Jimoh Yisawu, ex-MD of Warri Refining and Petrochemical Company, over alleged diversion of funds released for the rehabilitation of Nigeria’s state-owned refineries.
The commission said its investigation into the Port Harcourt, Warri and Kaduna refinery projects has so far led to the recovery of more than N9.4 billion, $21.2 million, and several properties.
