Former Port Harcourt Refinery Managing Director Arraigned Over Alleged N218.4 Million Money Laundering
ABUJA — The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering involving N218.4 million.
Dikko was arraigned alongside Masterpiece Projects & Investment Ltd on a 12-count charge bordering on alleged money laundering and related financial offences.
According to the charge filed by the anti-graft agency, the former refinery boss allegedly used approximately N218.4 million to acquire a property located in the Katampe Extension area of Abuja without routing the funds through a financial institution, an action the EFCC said contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendant pleaded not guilty to all the charges when they were read before the court.
Following the plea, counsel to the EFCC, Ekele Iheanacho (SAN), urged the court to fix a date for the commencement of trial.
Counsel to the defendants, Ikechukwu Ajunwa (SAN), informed the court that a bail application had already been filed on behalf of Dikko. He argued that the former managing director had complied with the conditions of the administrative bail earlier granted by the EFCC and would neither interfere with investigations nor evade trial if admitted to bail.
The prosecution opposed the application, relying on a counter-affidavit and written address filed before the court.
In his ruling, Justice Inyang Ekwo granted the defendant bail, stating that the right to bail is constitutionally guaranteed and can only be denied where sufficient legal grounds have been established.
The court admitted Dikko to bail in the sum of N150 million with one surety in like amount.
Justice Ekwo directed that the surety must own landed property within the jurisdiction of the court and present the title documents for verification by the court registrar. The surety is also required to be a responsible citizen.
The court further ordered the defendant to surrender his international passport and ruled that he must not travel outside Nigeria without prior approval of the court.
Justice Ekwo subsequently adjourned the matter until October 12, 13 and 14 for the commencement of trial.
The arraignment follows separate charges recently filed by the EFCC against Dikko and the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Yisawu, over the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
In addition to the allegation concerning the acquisition of property, the EFCC accused Dikko of allegedly receiving and retaining funds from contractors engaged by the Nigerian National Petroleum Company (NNPC) Limited, concealing the source of some of the funds through third parties, and carrying out transactions that allegedly violated the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The allegations remain before the court, and the defendants are presumed innocent unless and until proven guilty in accordance with the law.
