The Economic and Financial Crimes Commission has arraigned Ahmed Dikko, former Managing Director of the Port Harcourt Refining Company Ltd, over alleged money laundering and economic fraud.
Dikko was arraigned on Wednesday before Justice Inyang Ekwo of the Federal High Court in Abuja on a 12-count charge. He pleaded not guilty to all the counts.
The EFCC alleged that the charges relate to looted funds and other financial irregularities during his tenure at the Port Harcourt refinery.
In the charge marked FHC/ABJ/CR/360/2026, the EFCC named Dikko and Masterpiece Projects & Investment Ltd as first and second defendants.
According to the charge dated and filed on June 22,2026 by the commission’s counsel, Ekele Iheanacho, SAN, the anti-graft agency accused Dikko of using N}218. million to buy property in Abuja.
The EFCC said the offence is contrary to Sections 2 (1) (a), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.
When the matter came up on Wednesday, Iheanacho told the court that the matter was scheduled for the defendants to take their plea and that they were ready to proceed.
Ikechukwu Ajunwa, SAN, did not oppose the application but urged the court to enter a not guilty plea for the second defendant (the company).
He informed the court that a bail application had been filed on behalf of Dikko, adding that a copy of the bail application had also been served on the prosecuting team of the EFCC.
Iheanacho acknowledged receiving the process and told the court that a counter affidavit had equally been filed in opposition to the bail request.
Moving the motion, Ajunwa said it was dated and filed on July 3, 2026 in line with Sections 34(4) and 36 of the 1999 Constitution and Sections 158 and 156 of Administration of Criminal Justice Act (ACJA), 2015.
He said: The application is seeking for a leave for the defendant to be granted bail.The grounds for the application are there, my lord.”
The counsel, who said Dikko would not jump bail or interfere with the trial, said the 1st defendant had been reporting to the EFCC’s office as part of administrative bail terms.
Replying, Iheanacho said the commission, on July 7, 2026 filed a counter affidavit opposing Dikko’s request.
“We rely on all the paragraphs in our counter affidavit in urging the court to deny bail to the defendant.We also filed a written submission and adopted same in urging the honourable court to reject the bail application,” he said.
Justice Ekwo held that the court had the discretionary power to either grant or not to grant a bail.
He said since bail is a constitutional rights of the defendant, substantial evidence must be placed before the court why the defendant ought to be denied the request.
He admitted Dikko to a N150 million bail with one surety in the like sum who must possess a landed property within the jurisdiction of the court.
He ordered that the surety must be a responsible citizen and must submit the documents of the landed property which should be verified by the court registrar.
Justice Ekwo, who ordered Dikko to submit his international passport with the court, directed that the defendant must not travel without the permission of court.
He adjourned the matter until October 12, October 13 and October 14, 2026 for the commencement of the Criminal proceedings.