The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, before the Federal High Court in Abuja over alleged money laundering.

Dikko, who appeared before Justice Inyang Ekwo on a 12-count charge, pleaded not guilty to the allegations. Masterpiece Projects & Investment Ltd was also listed as a co-defendant in the case.

According to the EFCC, Dikko allegedly used ₦218 million to acquire a property in Abuja, an act the commission said contravenes the Money Laundering (Prevention and Prohibition) Act, 2022.

Following the defendants’ plea, the prosecution, led by Ekele Iheanacho (SAN), requested a trial date, while Dikko’s counsel, Ikechukwu Ajunwa (SAN), urged the court to grant his client bail, arguing that he had consistently honoured the conditions of his administrative bail and would not interfere with the trial.

The EFCC opposed the application, relying on a counter-affidavit and written submissions urging the court to deny bail.

In his ruling, Justice Ekwo held that bail is a constitutional right and that sufficient evidence must be presented before it can be denied. He subsequently granted Dikko bail in the sum of ₦150 million with one surety in like sum.

The court directed that the surety must own landed property within the court’s jurisdiction, with the documents to be verified by the court registrar. Dikko was also ordered to surrender his international passport and must not travel outside the country without the court’s approval.

Justice Ekwo adjourned the case until October 12, 13 and 14, 2026, for the commencement of trial. The EFCC maintains that the charges are punishable under the Money Laundering (Prevention and Prohibition) Act, 2022.