Ex-Port Harcourt Refinery MD Granted N150m Bail After Being Arraigned Over Money Laundering

Former Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Dikko, has pleaded not guilty to a 12-count money laundering charge filed against him by the Economic and Financial Crimes Commission (EFCC).

Dikko appeared before Justice Inyang Ekwo of the Federal High Court in Abuja on Wednesday alongside Masterpiece Projects & Investment Ltd, which was also named as a defendant in the case.

According to the EFCC, one of the allegations is that Dikko used about N218.4 million in cash to buy a property in the Katampe Extension area of Abuja without processing the payment through a financial institution, an act the commission said violates the Money Laundering (Prevention and Prohibition) Act, 2022.

During the start of the hearing, EFCC lawyer Ekele Iheanacho told the court that the matter was scheduled for the defendants to enter their pleas.

Dikko pleaded not guilty to all 12 charges, while his lawyer, Ikechukwu Ajunwa, also entered a not guilty plea on behalf of Masterpiece Projects & Investment Ltd.

After the pleas were taken, the prosecution asked the court to fix a date for the trial.

The defence then applied for bail, arguing that Dikko had already complied with the conditions of the administrative bail earlier granted by the EFCC and would not interfere with the trial or fail to appear in court.

However, the EFCC opposed the request, relying on documents it had filed before the court.

In his ruling, Justice Ekwo stated that bail is a constitutional right and can only be refused when there are valid legal reasons to do so.

The judge granted Dikko bail in the sum of N150 million with one surety who must provide the same amount.

The surety must own landed property within the court’s jurisdiction, submit the property’s title documents for verification, and be considered a responsible citizen.

The court also directed Dikko to surrender his international passport and ruled that he cannot travel outside Nigeria without the court’s approval.

The case was adjourned until October 12, 13 and 14 for the trial to begin.

Dikko’s arraignment follows charges filed by the EFCC about two weeks earlier against him and former Warri Refining and Petrochemical Company Managing Director, Jimoh Yisawu, over the alleged diversion of funds meant for the rehabilitation of Nigeria’s government-owned refineries.

The anti-graft agency alleged that Dikko received and kept money from contractors hired by the Nigerian National Petroleum Company (NNPC) Limited, hid the source of some of the funds through third parties, and carried out transactions that allegedly breached the country’s money laundering law.

The EFCC also accused him of paying about N218.4 million in cash for a property in Abuja and converting $77,080 through another person.

The charges are part of the commission’s wider investigation into the alleged misuse of funds approved for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

The EFCC said the ongoing investigation has so far led to the recovery of more than N9.4 billion, $21.2 million and several landed properties.

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