The Economic and Financial Crimes Commission has arraigned Ahmed Dikko, former Managing Director of the Port Harcourt Refining Company Ltd, over alleged money laundering involving more than N1.32 billion and hundreds of thousands of dollars traced to refinery rehabilitation contracts.The high-profile case, filed at the Federal High Court in Abuja, is part of a wider EFCC probe into the disbursement of billions of dollars approved for the turnaround maintenance of Nigeria’s three state-owned refineries.
The Charges Before Justice Ekwo
Dikko was arraigned on Wednesday before Justice Inyang Ekwo of the Federal High Court, Abuja, on a 12-count charge marked FHC/ABJ/CR/360/2026. He pleaded not guilty.
The EFCC, through its counsel Ekele Iheanacho, SAN, alleged that Dikko received and retained funds from contractors engaged by the Nigerian National Petroleum Company Limited and concealed the origin of the money through third-party accounts. The transactions, the commission said, violated the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the specific allegations is that in February 2024, Dikko paid about N218.375 million in cash for a property at Plot 558, Abubakar Umar Street, Katampe Extension, Abuja, without going through a financial institution.
Prosecutors also allege that between October 2022 and May 2025, he received and retained hundreds of millions of naira from companies said to be contractors on refinery maintenance projects and converted $77,080 through a third party.
The second defendant in the charge is Masterpiece Projects & Investment Ltd. Dikko’s lawyer, Ikechukwu Ajunwa, SAN, informed the court that a bail application had been filed and served on the EFCC, which said it had filed a counter-affidavit in opposition.
Broader Probe Into $2.9 Billion Refinery Funds
Dikko’s case is linked to a larger investigation by the EFCC into the disbursement of $2,956,872,622.36 approved for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
According to court documents and EFCC sources, the breakdown includes $1.55 billion for Port Harcourt, $740.6 million for Kaduna, and $656.9 million for Warri.
The anti-graft agency has also filed an eight-count charge against Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, over alleged conversion of $789,950 and $122,600, and cash payments exceeding N5 million without using a financial institution.
EFCC officials say the probe covers abuse of office, diversion of public funds, and kickbacks from contractors involved in the turnaround maintenance projects.
Arrests And Recoveries So Far
The investigation has led to the arrest of several former NNPC executives and refinery managers. In May 2025, the EFCC confirmed the arrest of former CFO Umar Isa Ajiya in connection with the alleged $7.2 billion refinery rehabilitation fraud.
Other officials under investigation include former GCEO Mele Kyari, former MDs Ibrahim Onoja of PHRC, Mustafa Sugungun of KRPC, and Efifia Chu of WRPC.The commission says it has recovered more than N5 billion and $10 million from contractors and officials implicated in the fraud. Another N10 billion and $13 million are being pursued for recovery. In one instance, investigators reportedly uncovered about N80 billion in the personal account of a sacked MD.
EFCC Chairman Ola Olukoyede is said to be personally overseeing the probe amid public frustration that decades of spending on refinery maintenance have not restored the facilities to optimal capacity.
Failed Rehabilitation And Public Outcry
The charges come at a time when Nigerians continue to question the performance of the refineries despite huge budgetary allocations.
Reports indicate the newly repaired Port Harcourt refinery has been operating at under 37.87 percent capacity, while the $897 million Warri refinery revamp has also struggled. Successive governments have spent billions on turnaround maintenance, yet the country still relies heavily on imported petroleum products.
In a letter dated April 28, 2025, the EFCC requested salary and allowance records of 14 current and former NNPC executives as part of the investigation. The letter followed President Bola Tinubu’s shake-up of NNPC management and the dissolution of the board.
With Dikko and Yisawu now facing trial, the EFCC says it is determined to ensure accountability for funds meant to revive Nigeria’s refining capacity.
Justice Ekwo has yet to rule on the bail application. The prosecution has asked for a trial date to commence.
For many Nigerians, the case represents a test of the government’s commitment to transparency in the oil sector. The outcome will likely shape public confidence in ongoing efforts to make the refineries work and to recover public funds allegedly diverted during the rehabilitation exercise.
