By Alex Igbekhe
The Economic and Financial Crimes Commission has revealed how the former Managing Director of Port Harcourt Refining Company Ltd, Ahmed Adamu Dikko, allegedly laundered N1.32 billion through cash property purchases, undisclosed bank retentions and unauthorised currency conversion.
Dikko was arraigned on Wednesday before Justice Inyang Ekwo of the Federal High Court, Abuja, on a 12-count charge bordering on money laundering. He pleaded not guilty to all counts.
The EFCC, through its counsel Ekele Iheanacho, SAN, accused the former refinery boss of using proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery to acquire properties in cash, conceal funds in third-party accounts and convert currency without due process.
According to the charge sheet marked FHC/ABJ/CR/360/2026, Dikko and his company, Masterpiece Projects & Investment Limited—named as second defendant—allegedly laundered N1,322,839,112.7 (One Billion, Three Hundred and Twenty-Two Million, Eight Hundred and Thirty-Nine Thousand, One Hundred and Twelve Naira, Seven Kobo) in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the counts, the EFCC alleged that Dikko made a cash payment of the dollar equivalent of N218,375,000 to one Hadeija Bashir for the purchase of a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without passing through any financial institution.
“That you AHMED ADAMU DIKKO… did directly make cash payment of the dollar equivalent of the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial Institution and you thereby committed an offence contrary to Sections 2(1)(a), 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act,” count one read.
In another count, the anti-graft agency alleged that Dikko disguised the origin of N328,710,337.50 paid into a GTBank account operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited, which originated from NNPC Limited’s allocation of Vacuum Gas Oil for export.
“That you AHMED ADAMU DIKKO, former Managing Director of the Port Harcourt Refining Company Ltd (PHRC) on or about the 26th of June, 2023 in Abuja within the jurisdiction of this Honourable Court disguised the origin of the sum of N328,710,337.50 (Three Hundred and Twenty Eight Million, Seven Hundred and Ten Thousand, Three Hundred and Thirty Seven Naira, Fifty Kobo) paid into the GTBank Account Plc No. 0123201507 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 of N328,710,337.50 constituted proceeds of unlawful activity,” count eight read.
The EFCC further alleged that Dikko converted $77,080 through one Ibrahim Isa Yaro between October 2022 and May 2025, an amount the commission said did not form part of his known lawful earnings as a former public officer with the NNPC.
“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 and you thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act,” count eleven stated.
Following his not-guilty plea, Dikko’s counsel, Okechukwu Ajunwa, SAN, applied for bail, which Iheanacho opposed.
In his ruling, Justice Ekwo granted bail in the sum of N150 million, with a surety who must be resident within the court’s jurisdiction and possess a landed property valued at not less than the bail sum.
The judge ordered that Dikko be remanded in EFCC custody pending when he is able to meet the bail conditions, and adjourned the matter to October 12, 13 and 14, 2026 for trial.
The charges against Dikko form part of a wider EFCC investigation into the alleged diversion of funds released for the turnaround maintenance and rehabilitation of Nigeria’s state-owned refineries.
Dikko, an engineer, was appointed Managing Director of the Port Harcourt Refining Company in March 2020 with a mandate to drive the rehabilitation of the moribund refinery.
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