The former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Dikko, has been arraigned before the Federal High Court in Abuja on a 12-count charge of money laundering. He appeared alongside Masterpiece Projects & Investment Ltd, accused of using approximately N218.4 million to purchase a property in Katampe Extension, Abuja, without routing the funds through a financial institution. The Economic and Financial Crimes Commission (EFCC) brought the charges under the Money Laundering (Prevention and Prohibition) Act, 2022. Dikko pleaded not guilty to all counts during the court session on Wednesday.
Prosecution counsel Ekele Iheanacho, SAN, requested a trial date following the plea. Defence lawyer Ikechukwu Ajunwa, SAN, applied for bail, stating Dikko had complied with the conditions of administrative bail previously granted by the EFCC and would not disrupt proceedings. The prosecution opposed the application, citing arguments in a counter-affidavit and written address. Justice Inyang Ekwo ruled that bail is a constitutional right and admitted Dikko in the sum of N150 million with one surety of the same amount. The surety must own property within the court's jurisdiction, provide title documents for verification, and be a responsible citizen.
The court also ordered Dikko to deposit his international passport and prohibited him from leaving the country without judicial permission. The trial has been adjourned to October 12, 13, and 14 for commencement. This arraignment follows the EFCC's recent filing of separate charges against Dikko and former Warri Refining and Petrochemical Company (WRPC) MD Jimoh Yisawu over alleged diversion of funds meant for refinery rehabilitation. Dikko is further accused of receiving and retaining contractor funds from NNPC Limited, concealing their origins through third parties and conducting transactions in violation of anti-money laundering laws.
Ahmed Dikko faces money-laundering charges over N218.4 million used for a property purchase, even as he claims full compliance with prior EFCC bail conditions. The court's decision to grant fresh bail despite serious allegations may signal a pattern of leniency for high-profile suspects with legal representation. Nigerians familiar with delayed corruption trials may question how long this case will take before a verdict is delivered. The October adjournment dates offer no guarantee of swift justice.
Editorial note: AI-assisted opinion. All persons mentioned are presumed innocent until proven guilty. Full disclaimer →
