Ahmed Dikko, former managing director of the Port Harcourt Refining Company (PHRC), has pleaded not guilty to a 12-count charge of money laundering brought by the Economic and Financial Crimes Commission (EFCC). He appeared before Justice Inyang Ekwo of a federal high court in Abuja on Wednesday, alongside Masterpiece Projects & Investment Ltd, a company named as the second defendant. The EFCC alleges Dikko used approximately N218.4 million to purchase a property in Katampe Extension, Abuja, without routing the funds through a financial institution, a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
During the court session, EFCC prosecutor Ekele Iheanacho stated the case was set for plea taking. Dikko personally entered a not guilty plea on all counts, while his lawyer, Ikechukwu Ajunwa, entered a similar plea on behalf of the company. After the arraignment, Ajunwa filed an application seeking bail for Dikko, citing his client's compliance with the conditions of an earlier administrative bail granted by the EFCC and affirming he would not disrupt the trial process. The EFCC opposed the request, submitting a counter-affidavit and written submissions urging the court to deny bail.
The court granted Dikko bail in the sum of N150 million, with one surety, and ordered that his international passport be deposited. The trial was adjourned to a later date for hearing. No further details were provided on the specific timeline for the next court appearance.
Dikko faces charges over a property purchase made outside formal financial channels, a method often used to obscure illicit flows. The EFCC's opposition to bail suggests concerns about flight risk despite prior administrative compliance. Granting bail worth N150 million signals judicial recognition of the case's gravity while allowing due process to proceed. The outcome hinges on evidence linking the property acquisition to unauthorised fund transfers.
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