The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over an alleged N218 million money laundering offence.
Dikko was arraigned before Justice Inyang Ekwo on a 12-count charge bordering on alleged money laundering. He pleaded not guilty to all the charges.
The News Agency of Nigeria (NAN) reports that the charge, marked FHC/ABJ/CR/360/2026, lists Dikko as the first defendant and Masterpiece Projects & Investment Limited as the second defendant.
According to the charge, dated June 22 and filed by the EFCC through its counsel, Ekele Iheanacho, SAN, the anti-graft agency accused Dikko of using N218 million to acquire a property in Abuja in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, Iheanacho informed the court that the matter was slated for the arraignment of the defendants and confirmed that the prosecution was ready to proceed.
Counsel to the defendants, Ikechukwu Ajunwa, SAN, did not oppose the arraignment but urged the court to enter a plea of not guilty on behalf of the second defendant, Masterpiece Projects & Investment Limited.
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Following the defendants’ not guilty plea, the prosecution requested the court to fix a date for trial.
Ajunwa raised no objection to the request but informed the court that a bail application had already been filed on behalf of Dikko and served on the EFCC.
In response, Iheanacho confirmed receipt of the application and disclosed that the commission had filed a counter-affidavit opposing the request for bail.
Moving the application, Ajunwa told the court that the motion, dated and filed on July 3, was brought pursuant to Sections 34(4) and 36 of the 1999 Constitution (as amended) and Sections 156 and 158 of the Administration of Criminal Justice Act (ACJA), 2015.
He urged the court to admit his client to bail, arguing that Dikko had consistently honoured the administrative bail conditions earlier granted by the EFCC by reporting to the commission whenever required.
The defence counsel also assured the court that the former refinery boss would not abscond or interfere with the trial if granted bail.
Opposing the application, Iheanacho informed the court that the EFCC had filed its counter-affidavit and written address on July 7, urging the court to refuse the bail request.
“We rely on all the paragraphs in our counter-affidavit and the written submission already before the court in urging Your Lordship to refuse the application,” the prosecution counsel submitted.
In his ruling, Justice Ekwo held that although the court has the discretionary power to grant or refuse bail, such discretion must be exercised judicially and judiciously.
The judge noted that bail is a constitutional right of an accused person and that the prosecution must place sufficient material before the court to justify any denial of that right.
Justice Ekwo subsequently admitted Dikko to bail in the sum of N150 million with one surety in like sum.
The court ordered that the surety must own a landed property within the jurisdiction of the court, be a responsible citizen, and submit the property’s title documents for verification by the court registrar.
The judge also directed Dikko to deposit his international passport with the court and ruled that he must not travel outside the country without prior approval of the court.
The matter was thereafter adjourned until October 12, October 13 and October 14 for the commencement of trial.
According to NAN, the EFCC alleged that the offences are contrary to 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.