Former Port Harcourt refinery MD granted N150m bail in N1.3bn fraud case
via Punch Nigeria10 min read
Ahmed Dikko, the immediate past Managing Director of the Port Harcourt Refining Company Limited, has been granted bail of N150 million with one surety by the Federal High Court in Abuja. This follows his arraignment by the Economic and Financial Crimes Commission on a 12-count charge related to an alleged N1.32 billion money laundering scheme. The charges are linked to the rehabilitation of the state-owned refinery and involve alleged cash property purchases, undisclosed bank retentions, concealment of funds through third parties, and unauthorized foreign exchange transactions. Dikko, who led the refinery from March 2020 for approximately four years, pleaded not guilty to all charges. Justice Inyang Ekwo ruled that the surety must reside within the court's jurisdiction and own landed property valued at no less than the bail sum. Dikko was also ordered to surrender his international passport and will remain in EFCC custody until bail conditions are met. The trial is scheduled for October 12, 13, and 14, 2026.
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