July 8 (THEWILL) — The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over an alleged ₦218 million money laundering scheme.
Dikko was docked before Justice Inyang Ekwo alongside Masterpiece Projects & Investment Limited, the second defendant in the case, on charges bordering on money laundering and unlawful acquisition of assets. The case, marked FHC/ABJ/CR/360/2026, was filed by the EFCC through its counsel, Ekele Iheanacho (SAN).
The anti-graft agency alleged that Dikko used about ₦218 million to acquire a property in Abuja, an act it said contravened the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the alleged offences contravene Sections 2(1)(a) and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 19(2)(b) of the same Act.
When the matter came up, Iheanacho informed the court that the defendants were present to take their plea and expressed the prosecution’s readiness to proceed. Defence counsel, Ikechukwu Ajunwa (SAN), did not oppose the arraignment but urged the court to enter a plea of not guilty for the corporate defendant. Both defendants subsequently pleaded not guilty to all 12 counts.
Following the arraignment, the prosecution applied for a date to commence trial, while the defence drew the court’s attention to a pending bail application filed on behalf of Dikko.
Moving the application, Ajunwa told the court that the motion, filed on July 3 pursuant to Sections 34(4) and 36 of the 1999 Constitution and Sections 156 and 158 of the Administration of Criminal Justice Act (ACJA), 2015, sought the release of the former refinery boss on bail pending trial.
He argued that Dikko had fully cooperated with the EFCC throughout its investigation and had consistently honoured the conditions of the administrative bail earlier granted to him. According to the defence, there was no risk that the defendant would abscond or interfere with witnesses or the course of justice if admitted to bail.
In response, Iheanacho confirmed that the EFCC had filed a counter-affidavit and written address on July 7 opposing the application.
He urged the court to rely on the facts contained in the commission’s processes and refuse the request for bail.
In his ruling, Justice Ekwo held that although the grant of bail is at the discretion of the court, such discretion must be exercised in line with the constitutional rights of an accused person.
He noted that bail is a constitutional right and that substantial reasons must be placed before the court to justify its denial.
The judge consequently admitted Dikko to bail in the sum of ₦150 million with one surety in like sum. He ruled that the surety must be a responsible Nigerian with a landed property within the jurisdiction of the court, adding that the title documents would be verified by the court registrar.
Justice Ekwo also ordered the defendant to deposit his international passport with the court and barred him from travelling outside the country without the court’s permission.
The matter was subsequently adjourned until October 12, 13, and 14, 2026, for the commencement of the trial.
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