EFCC Arraigns Ex-PHRC MD Over Alleged N1bn Money Laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over an alleged money laundering scheme involving more than N1 billion and $77,080.

Dikko was brought before Justice Inyang Ekwo on a 12-count charge bordering on alleged money laundering and unlawful handling of funds. He was arraigned alongside Masterpiece Projects & Investment Limited and pleaded not guilty to all the charges.
Following the plea, EFCC counsel, Ekele Iheanacho (SAN), requested a trial date, while defence counsel, Ikechukwu Ajunwa (SAN), applied for bail, arguing that his client had complied with the conditions of his administrative bail and would neither interfere with investigations nor abscond. The EFCC opposed the application, urging the court to reject it.
In his ruling, Justice Ekwo held that bail is a constitutional right and that there was no sufficient basis to deny the defendant’s request. The court granted Dikko bail in the sum of N150 million with one surety in like sum. The surety must own landed property within the court’s jurisdiction, with the title documents to be verified by the court registrar. The judge also ordered Dikko to surrender his international passport and barred him from travelling outside Nigeria without the court’s approval.
The matter was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
According to the EFCC, Dikko allegedly used the naira equivalent of N218.375 million in cash to purchase a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without processing the payment through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission further alleged that he retained N100 million in a Fidelity Bank account and N90 million in a GTBank account, funds said to have originated from Ebenco Global Link Limited, a contractor to the Port Harcourt Refining Company under the Nigerian National Petroleum Company Limited (NNPCL).
The charges also alleged that Dikko took control of N30 million paid through another account linked to a contractor, concealed the origin of N328.71 million paid into the account of Masterpiece Projects & Investment Limited, and received an additional N59.2 million connected to transactions involving OMSA Integrated Services Limited.
The EFCC further claimed that he procured a contractor, Ebenezar Oluwagbemiga of Ebenco Global Link Limited, to receive N356.41 million on his behalf, converted $77,080 through another individual, Ibrahim Isa Yaro, and indirectly received N20 million through an account operated by his son.
The anti-graft agency maintained that the funds were proceeds of unlawful activities in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. Dikko denied all the allegations, setting the stage for a full trial scheduled to begin in October.