Former Port Harcourt Refinery MD Faces Money Laundering Charges
The Economic and Financial Crimes Commission (EFCC) has brought charges against Ahmed Adamu Diko, the former Managing Director of the Port Harcourt Refinery (PHRC), in a Federal High Court in Abuja. These allegations revolve around a purported N1.32 billion money laundering scheme linked to the refinery’s rehabilitation efforts.
Diko Arraigned Alongside Company
Diko was presented before Justice Inyang Ekwo, accompanied by Masterpiece Projects & Investments Limited, facing a total of 12 money laundering charges. The complaint, registered as FHC/ABJ/CR/360/2026, was lodged by EFCC attorney Ekere Iheanacho (SAN) on June 22, 2026.
Details of the Charges
According to the EFCC, the charges encompass various illicit activities, including cash purchases of real estate, money concealment via third parties, undisclosed banking transactions, and unauthorized foreign currency exchanges. These actions reportedly contravene the Money Laundering (Prevention and Prohibition) Act of 2022.
Allegations of Concealment
The anti-graft agency further claims that Diko laundered over N1.32 billion through actions involving contractors who were engaged in the rehabilitation of the Port Harcourt refinery. Allegations include using cash to acquire properties and transferring significant sums through third-party accounts without proper disclosure, thereby obscuring the true source of the funds.
Specific Transactions Under Scrutiny
One notable charge asserts that Diko paid N218,375,000 in cash to Khadeijah Bashir for a property located in Abuja without utilizing a financial institution. Another count suggests he concealed N328,710,337.50 deposited into the Masterpiece Projects account, which stemmed from a transaction involving vacuum gas oil quotas for export by the Nigerian National Petroleum Corporation (NNPCL).
Further Allegations of Currency Conversion
In addition, the EFCC claims that between October 2022 and May 2025, Diko, through a person identified as Ibrahim Isah Yaro, converted $77,080 into cash, asserting that these funds were outside his lawful income as a public servant.
Legal Proceedings and Bail Conditions
Diko pleaded not guilty to all charges presented in court. Following his plea, his attorney, Okechukwu Ajunwa (SAN), requested bail; however, this application was contested by EFCC counsel Ekere Iheanacho (SAN). Ultimately, Judge Ekwo granted bail set at NOK 150 million, contingent upon Diko providing one surety who must reside within the court’s jurisdiction and possess landholdings valued above the bail amount.
The judge mandated that Diko remain in EFCC custody until the stipulated bail conditions are fulfilled. The case is set to resume with trial dates scheduled for October 12, 13, and 14, 2026. It is important to note that the prosecution’s claims have yet to be verified in court, and Diko is considered innocent until proven guilty.
