N1.3bn Fraud: Ex-Port Harcourt Refinery MD Gets N150m Bail

The Federal High Court in Abuja has granted bail to the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, following his arraignment by the Economic and Financial Crimes Commission over an alleged N1.32 billion money laundering case.

Dikko appeared before Justice Inyang Ekwo on Wednesday on a 12-count charge bordering on money laundering and financial misconduct. He was charged alongside Masterpiece Projects and Investment Limited over transactions allegedly linked to the rehabilitation of the Port Harcourt refinery.

The former refinery boss pleaded not guilty to all the charges preferred against him by the anti-graft agency.

According to the EFCC, Dikko allegedly concealed and laundered N1,322,839,112.70 believed to be proceeds from contracts associated with the Nigerian National Petroleum Company Limited’s refinery rehabilitation programme.

The commission accused him of making cash payments for property acquisition without using financial institutions, concealing funds through third parties and engaging in unauthorised foreign exchange transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges alleged that Dikko paid the naira equivalent of 218.375 million to purchase a property in Katampe Extension, Abuja, outside the banking system.

The EFCC also alleged that over N328 million was channelled through the account of Masterpiece Projects and Investment Limited to disguise the source of funds linked to transactions involving the allocation of Vacuum Gas Oil for export.

Another count accused the former managing director of converting a total of 77,080 dollars through a third party between October 2022 and May 2025, alleging that the funds exceeded his legitimate earnings as a public official.

Following arguments from both parties, Justice Ekwo admitted the defendant to bail in the sum of N150 million with one surety in like sum.

The court ruled that the surety must reside within its jurisdiction and possess landed property valued at no less than the bail amount.

Justice Ekwo further ordered Dikko to surrender his international passport and directed that he remain in EFCC custody until all the bail conditions are fulfilled.

The trial was subsequently adjourned until October 12, 13 and 14, 2026, when the prosecution is expected to begin presenting its witnesses and evidence before the court.