Court orders ex-refinery MD to surrender passport in N1.32bn trial

The immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, has been granted bail in the sum of N150 million after pleading not guilty to charges of alleged money laundering involving more than N1.32 billion.

Dikko appeared before Justice Inyang Ekwo of the Federal High Court in Abuja on Wednesday following his arraignment by the Economic and Financial Crimes Commission. He was charged alongside Masterpiece Projects & Investment Limited in a 12-count case bordering on alleged financial crimes connected with the rehabilitation of the Port Harcourt refinery.

The EFCC alleged that while serving as managing director between March 2020 and 2024, Dikko diverted and concealed N1,322,839,112.70, which it described as proceeds from contracts awarded by the Nigerian National Petroleum Company Limited for the refinery rehabilitation project.

According to the commission, the funds were allegedly laundered through cash purchases of property, concealed bank transactions, the use of third parties and unauthorised foreign exchange dealings.

One of the counts reads: “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 provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The anti-graft agency also alleged in another count: “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 a separate charge, the EFCC accused the former refinery chief of illegally 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.”

Dikko denied all the allegations when the charges were read to him.

His lawyer, Okechukwu Ajunwa (SAN), applied for bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the request.

In his ruling, Justice Ekwo admitted the defendant to bail in the sum of N150 million with one surety in like amount. The court directed that the surety must live within its jurisdiction and own landed property worth at least the value of the bail.

The judge further ordered Dikko to surrender his international passport and remain in EFCC custody until he satisfies the bail conditions.

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