N1.3bn fraud: Ex-Port Harcourt refinery MD gets N150m bail

Ahmed Dikko, the immediate past Managing Director of the Port Harcourt Refining Company Limited, faces serious allegations of money laundering amounting to N1.32 billion. The Economic and Financial Crimes Commission (EFCC) arraigned Dikko before the Federal High Court in Abuja on a 12-count charge, accusing him of illicit financial activities connected to the rehabilitation of the state-owned refinery.

Dikko, who led the refinery for about four years until March 2020, pleaded not guilty to all charges. The EFCC contends that he laundered the substantial sum through various means, including cash property purchases, concealing funds via third parties, and unauthorized foreign exchange transactions. Specific charges detail alleged illegal cash payments for property and disguising the origin of funds derived from NNPC Limited's allocation of Vacuum Gas Oil for export.

Despite the prosecution's arguments, Dikko's defense counsel sought bail pending trial. Justice Inyang Ekwo granted the bail application, setting it at N150 million with one surety. The court also mandated that the surety must own property valued at the bail sum and reside within the court's jurisdiction. Dikko was ordered to surrender his international passport and was remanded in EFCC custody until bail conditions are met.