Abuja — The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned former Managing Director of the Port Harcourt Refining Company (PHRC), Mr. Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering offences.
Dikko was docked alongside his company, Masterpiece Projects & Investment Ltd, on a 12-count charge. Prosecutors accused him of using approximately ₦218.4 million to acquire a property in the Katampe Extension area of Abuja without routing the funds through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. The defendant pleaded not guilty to all counts.
Following the plea, prosecution counsel Mr. Ekele Iheanacho, SAN, urged the court to schedule a trial date. Defence counsel Mr. Ikechukwu Ajunwa, SAN, however, moved for bail, noting that Dikko had fully complied with the conditions of an earlier administrative bail granted by the EFCC and posed no risk of interfering with the judicial process or jumping bail. The prosecution opposed the bail application, relying on a counter-affidavit and written address already before the court.
In a brief ruling, Justice Inyang Ekwo granted Dikko bail in the sum of ₦150 million with one surety in the same amount. The judge emphasised that bail is a constitutional right and must not be denied without compelling reasons.
Additional conditions include the surety owning landed property within the court’s jurisdiction, with title documents to be submitted for verification by the court registrar. The defendant was also ordered to deposit his international passport with the court and barred from travelling abroad without prior judicial approval. The case was adjourned to October 12, 13, and 14 for the commencement of trial.
The arraignment follows separate charges filed by the EFCC about two weeks earlier against Dikko and the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Mr. Jimoh Yisawu. Both are accused of diverting funds meant for the rehabilitation of Nigeria’s state-owned refineries.
Dikko is further alleged to have received and retained funds from contractors engaged by the Nigerian National Petroleum Company (NNPC) Limited, concealing the source of some of the money through third parties in breach of the Money Laundering Act.
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