EFCC Arraigns Ex-Port Harcourt Refinery MD Over Alleged N218m Property Fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company Ltd, Ahmed Dikko, before the Federal High Court in Abuja over an alleged N218 million money laundering scheme involving the purchase of a property in the Federal Capital Territory.
Dikko was docked alongside Masterpiece Projects & Investment Ltd before Justice Inyang Ekwo on a 12-count charge bordering on money laundering. He pleaded not guilty to all the charges, while the company also entered a plea of not guilty.
According to the EFCC, Dikko used about N218 million to acquire a property in Abuja in violation of the Money Laundering (Prevention and Prohibition) Act.
Following his arraignment, defence counsel, Ikechukwu Ajunwa, SAN, urged the court to grant the former refinery boss bail, arguing that he had consistently honoured EFCC invitations and would neither abscond nor interfere with the trial.
The EFCC, represented by Ekele Iheanacho, SAN, opposed the application, urging the court to refuse bail based on the commission’s counter affidavit.
In his ruling, Justice Ekwo held that bail is a constitutional right and that the prosecution failed to provide sufficient reasons to justify denying the request.
The court admitted Dikko to bail in the sum of N150 million with one surety in like sum, who must own verified landed property within the court’s jurisdiction. The judge also ordered the defendant to deposit his international passport with the court and barred him from travelling without prior approval.
The matter was adjourned to October 12, 13 and 14, 2026, for the commencement of trial.
