Ahmed Dikko, former Managing Director of the Port Harcourt Refining Company (PHRC), has been granted bail in the sum of ₦150 million after pleading not guilty to a 12-count charge of alleged money laundering filed against him by the Economic and Financial Crimes Commission (EFCC).
Gatekeepers News reports that he was arraigned before Justice Inyang Ekwo of the Federal High Court in Abuja alongside Masterpiece Projects & Investment Ltd, which is also facing charges in the case.
EFCC alleged that Dikko received and retained funds from contractors engaged by the Nigerian National Petroleum Company (NNPC) Limited during the rehabilitation of the Port Harcourt refinery and concealed parts of the proceeds through third parties.
The commission also accused him of paying about ₦218.4 million in cash to acquire a property in Katampe Extension, Abuja, without using a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. It further alleged that he converted $77,080 through a third party.
After hearing arguments from both parties, Justice Ekwo ruled that bail is a constitutional right and admitted Dikko to bail on the condition that he provides one surety in like sum who owns landed property within the court’s jurisdiction. The court also ordered him to surrender his international passport and barred him from travelling outside Nigeria without the court’s approval.
The case was adjourned until October 12, 13 and 14 for trial. Dikko’s arraignment is part of the EFCC’s ongoing investigation into the alleged diversion of funds released for the rehabilitation of Nigeria’s state-owned refineries, a probe that has reportedly led to the recovery of more than ₦9.4 billion, $21.2 million, and several landed properties.
