N1.3BN FRAUD CASE: EX-PORT HARCOURT REFINERY MD GRANTED N150M BAIL

A Federal High Court in Abuja has granted bail to Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refining Company (PHRC), in connection with an alleged N1.3 billion fraud case.

The Economic and Financial Crimes Commission (EFCC) arraigned Dikko and his company, Masterpiece Projects & Investment Limited, on a 12-count charge bordering on money laundering. Prosecutors allege the sum of N1,322,839,112.7 was diverted in relation to contracts for the rehabilitation of the Port Harcourt refinery under the Nigerian National Petroleum Company Limited (NNPCL).

Dikko pleaded not guilty to the charges. Despite opposition from the EFCC, Justice Inyang Ekwo granted the defendant bail in the sum of N150 million with one surety in like amount. The court ordered that he remain in EFCC custody until the bail conditions are perfected.

The case forms part of broader investigations into alleged financial improprieties involving former heads of Nigeria’s state-owned refineries. A similar trial involving the ex-MD of the Warri refinery is also ongoing.

The development comes amid renewed government efforts to rehabilitate Nigeria’s aging refineries and curb corruption in the oil sector. Proceedings in the matter have been adjourned to a later date for continuation of trial.

The EFCC says it remains committed to prosecuting high-profile graft cases to promote accountability in public institutions.