The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Ahmed Dikko, former managing director of the Port Harcourt Refining Company (PHRC), before the Federal High Court in Abuja over an alleged N1.32 billion money laundering scheme linked to the rehabilitation of the state-owned refinery.
Dikko was brought before Inyang Ekwo (Justice) on a 12-count charge alleging that he laundered N1.322 billion in proceeds suspected to have been derived from contracts awarded for the rehabilitation of the Port Harcourt refinery.
The anti-graft agency also listed Masterpiece Projects & Investment Limited as the second defendant in the charge marked FHC/ABJ/CR/360/2026, which was filed on June 22 by Ekele Iheanacho, EFCC counsel.
The former refinery chief pleaded not guilty to all 12 counts when the charges were read to him.
According to the EFCC, Dikko allegedly concealed proceeds of unlawful activities through cash purchases of high-value properties, undisclosed bank transactions, third-party fund transfers, and unauthorised foreign currency conversions, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
