Ahmed Adamu Dikko, former Managing Director of the Port Harcourt Refining Company Limited, has been granted bail and ordered to surrender his international passport after pleading not guilty to an alleged N1.32 billion money laundering case before the Federal High Court in Abuja.

Dikko appeared before Justice Inyang Ekwo on Wednesday following his arraignment by the Economic and Financial Crimes Commission (EFCC) alongside Masterpiece Projects & Investment Limited in a 12-count charge linked to alleged financial crimes involving the rehabilitation of the Port Harcourt refinery.

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The court admitted Dikko to bail in the sum of N150 million with one surety in the same amount. Justice Ekwo directed that the surety must reside within the court’s jurisdiction and own landed property valued at no less than the bail sum.

The judge also ordered Dikko to surrender his international passport and remain in EFCC custody until he fulfils the bail conditions.

The Ahmed Dikko N1.32bn trial centres on allegations by the EFCC that the former refinery chief diverted and concealed N1,322,839,112.70 while serving as managing director between March 2020 and 2024.

According to the anti-graft agency, the funds were allegedly linked to contracts awarded by the Nigerian National Petroleum Company Limited (NNPC Limited) for the rehabilitation of the Port Harcourt refinery.

The EFCC alleged that the money was laundered through property purchases, concealed financial transactions, third-party arrangements and unauthorised foreign exchange dealings.

One of the charges accused Dikko of making a cash payment equivalent to N218.375 million in dollars for the purchase of a property in Katampe Extension, Abuja, without passing the transaction through a financial institution.

In another allegation, the commission claimed that N328.71 million paid into an account operated by Masterpiece Projects & Investment Limited was disguised as proceeds from unlawful activity connected to transactions involving NNPC Limited’s allocation of Vacuum Gas Oil for export.

The EFCC also accused Dikko of converting $77,080 through a third party between October 2022 and May 2025, alleging that the funds were not part of his known lawful earnings.

Dikko denied all allegations after the charges were read to him in court.

His lawyer, Okechukwu Ajunwa (SAN), applied for bail pending trial, while EFCC counsel Ekele Iheanacho (SAN) opposed the request.

Justice Ekwo subsequently granted bail and fixed October 12, 13 and 14, 2026 for the commencement of trial.

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The case is expected to draw continued attention due to its connection with the long-running rehabilitation efforts at the Port Harcourt refinery, one of Nigeria’s key energy facilities.