The former Managing Director of Port Harcourt Refining Company Limited, Ahmed Adamu Dikko, has been granted bail in the amount of N150 million by the Federal High Court in Abuja. He pleaded not guilty to a 12-count charge of money laundering involving N1,322,839,112.70 linked to the rehabilitation of the Port Harcourt refinery. The Economic and Financial Crimes Commission filed the charges against Dikko and Masterpiece Projects & Investment Limited, alleging that the funds were proceeds from contracts awarded by the Nigerian National Petroleum Company Limited.
Between March 2020 and 2024, Dikko allegedly diverted and concealed the funds through property purchases, hidden bank transactions, third-party intermediaries, and unauthorised foreign exchange dealings. One count states he made a direct cash payment of the dollar equivalent of N218,375,000 to Hadeija Bashir for Plot 558 on Abubakar Umar Street, Katampe Extension, Abuja, without using a financial institution. Another count alleges that on June 26, 2023, he disguised the origin of N328,710,337.50 paid into a GTBank account operated by Masterpiece Projects via OMSA Integrated Services Limited, using proceeds from NNPC's Vacuum Gas Oil export allocation.
The EFCC also accused Dikko of converting $77,080 through Ibrahim Isa Yaro between October 2022 and May 2025, funds not part of his known legal income as a public officer. Dikko denied all charges when they were read in court. His lawyer, Okechukwu Ajunwa (SAN), applied for bail, which EFCC counsel Ekele Iheanacho (SAN) opposed. Justice Inyang Ekwo granted bail with one surety residing within the court's jurisdiction and owning property worth at least N150 million. The court ordered Dikko to surrender his international passport and remain in EFCC custody until bail conditions are met. The trial resumes October 12, 13, and 14, 2026.
Ahmed Dikko faces allegations of laundering over N1.3 billion while overseeing a major refinery project, yet walks free on bail before trial. He is accused of paying $77,080 in undeclared foreign currency and making direct cash property purchases—actions at odds with financial transparency rules for public officers. The court's decision to admit him to bail while requiring passport surrender suggests concern over flight risk despite the serious economic charges. The case proceeds in 2026, leaving questions about accountability in state-funded energy projects.
Editorial note: AI-assisted opinion. All persons mentioned are presumed innocent until proven guilty. Full disclaimer →
