The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering.
Dikko was brought before Justice Inyang Ekwo on a 12-count charge and pleaded not guilty to the allegations.
The EFCC, in the charge marked FHC/ABJ/CR/360/2026, listed Dikko as the first defendant and Masterpiece Projects & Investment Ltd as the second defendant.
According to the charge, filed on June 22 by EFCC counsel Ekele Iheanacho (SAN), the anti-graft agency accused Dikko of using N218 million to acquire a property in Abuja, an act it alleged contravenes the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, Iheanacho informed the court that the matter was scheduled for the defendants to take their plea and said the prosecution was ready to proceed.
Counsel to the defendants, Ikechukwu Ajunwa (SAN), did not oppose the application and urged the court to enter a not guilty plea on behalf of the second defendant, Masterpiece Projects & Investment Ltd.
Following the plea, the prosecution applied for a trial date, while the defence informed the court that it had filed a bail application for Dikko and had served the EFCC with the process.
The prosecution confirmed receipt of the application and told the court it had filed a counter-affidavit opposing the bail request.
Arguing the application, Ajunwa said it was filed on July 3 pursuant to Sections 34(4) and 36 of the 1999 Constitution, as well as Sections 156 and 158 of the Administration of Criminal Justice Act (ACJA), 2015.
He urged the court to grant bail, arguing that Dikko had consistently honoured the conditions of his administrative bail by reporting to the EFCC and would neither abscond nor interfere with the trial.
In response, Iheanacho urged the court to reject the application, relying on the commission’s counter-affidavit and written submissions filed on July 7.
Delivering his ruling, Justice Ekwo held that the court had the discretion to grant or refuse bail but noted that bail is a constitutional right. He said substantial evidence must be presented to justify denying an accused person bail.
The judge subsequently granted Dikko bail in the sum of N150 million with one surety in like sum.
He ruled that the surety must own landed property within the court’s jurisdiction, be a responsible citizen, and submit the property’s title documents for verification by the court registrar.
Justice Ekwo also ordered Dikko to deposit his international passport with the court and directed that he must not travel outside the country without the court’s permission.
The case was adjourned until October 12, October 13 and October 14 for the commencement of trial.