The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering.
Dikko was arraigned before Justice Inyang Ekwo on a 12-count charge alongside Masterpiece Projects & Investment Ltd. He pleaded not guilty to the charges, while the court entered a not guilty plea on behalf of the company.
According to the charge marked FHC/ABJ/CR/360/2026, the EFCC alleged that Dikko used about ₦218 million to acquire a property in Abuja, an act the commission said contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, EFCC counsel, Ekele Iheanacho (SAN), informed the court that the matter was slated for the defendants to take their plea and requested a trial date following their not guilty plea.
Counsel to Dikko, Ikechukwu Ajunwa (SAN), did not oppose the request but informed the court that a bail application had been filed on behalf of his client and served on the prosecution.
Ajunwa urged the court to admit Dikko to bail, arguing that the former PHRC boss had consistently honoured invitations from the EFCC under the terms of his administrative bail and would neither abscond nor interfere with the trial.
The prosecution opposed the application, informing the court that it had filed a counter-affidavit and written address urging the court to reject the bail request.
In his ruling, Justice Ekwo held that bail is a constitutional right and that sufficient grounds must be established before a defendant can be denied the privilege.
The judge consequently admitted Dikko to bail in the sum of ₦150 million with one surety in like sum.
He ordered that the surety must own landed property within the jurisdiction of the court, be a responsible citizen, and submit the property documents for verification by the court registrar.
Justice Ekwo also directed Dikko to deposit his international passport with the court and ruled that he must not travel outside the country without the court’s permission.
The case was adjourned until October 12, 13 and 14, 2026, for the commencement of trial.
The EFCC said the charges were brought under Sections 2(1)(a) and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, with the alleged offences punishable under Section 19(2)(b) of the same Act.
