N1.32bn Refinery Fraud: Court Grants Ex-PHRC Boss, Ahmed Dikko, Bail

​The Federal High Court in Abuja has granted bail to the immediate past Managing Director of the Port Harcourt Refining Company (PHRC), Ahmed Adamu Dikko, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on Wednesday, July 8, 2026.

​Dikko, who led the refinery for approximately four years starting in March 2020, faces a 12-count charge alongside his company, Masterpiece Projects & Investment Limited. The charges, filed on June 22, relate to an alleged N1.32 billion money laundering scheme linked to the rehabilitation of Nigeria’s state-owned refinery.

​Bail Conditions and Court Proceedings

​Presiding Justice Inyang Ekwo granted the defendant bail in the sum of N150 million. To secure his release, Dikko must provide one surety who is a resident of the Federal Capital Territory and possesses landed property within the court’s jurisdiction valued at no less than the bail sum.

​Additionally, the court mandated that:

• ​The surety’s property documents must be verified by the court registrar.

• ​Dikko must surrender his passport to the court.

• ​He is prohibited from travelling outside the country without prior court permission.

​Pending the perfection of these bail conditions, the court ordered that Dikko be remanded in the custody of the EFCC. The trial has been scheduled for October 12, 13, and 14, 2026.

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​The Allegations

​The anti-graft agency alleges that Dikko diverted funds intended for the turnaround maintenance of the Port Harcourt refinery. Prosecutors, led by Ekele Iheanacho (SAN), accuse the former MD of orchestrating a complex laundering operation through:

• ​Illegal Cash Transactions: Including a specific allegation that he made a cash payment of the dollar equivalent of N218.37 million to purchase a property in the Katampe Extension area of Abuja.

• ​Concealment: Alleged use of third-party accounts and companies to disguise the origin of funds, including a payment of N328.71 million linked to NNPCL Vacuum Gas Oil export allocations.

• ​Currency Conversion: The EFCC contends that Dikko converted at least $77,080 through unauthorized channels, funds which they claim were outside his legitimate earnings as a public officer.

​Broader Context: A Wider Investigation

​The charges against Dikko are part of a larger, ongoing investigation by the EFCC into the management of billions of naira and millions of dollars allocated for the rehabilitation of Nigeria’s four state-owned refineries.

​Reports indicate that the commission has already recovered over N9.4 billion, $21.2 million, and various landed properties from former officials of the national oil company as part of this extensive probe. In a related development, the EFCC has also charged the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu, with money laundering, signalling an aggressive campaign to hold refinery leadership accountable for the continued underperformance of the sector despite significant government investment.