Business
Court dismisses Chinese oil company’s bid to void $100 million judgement over OPL 471 dispute
The Economic and Financial Crimes Commission (EFCC) on Wednesday f2026 arraigned Mr. Ahmed Adamu Dikko, former Managing Director of Port Harcourt Refining Company Ltd (PHRC), before Justice Inyang Ekwo of the Federal High Court, Abuja, on a 12-count charge bordering on money laundering.
The charge, marked FHC/ABJ/CR/360/2026 and dated and filed on June 22 by the Commission’s counsel, Ekele Iheanacho, SAN, listed Dikko and Masterpiece Projects & Investment Limited as first and second defendants respectively.
Dikko, who led the Port Harcourt Refining Company for about four years, pleaded not guilty to a 12-count charge filed against him by the Commission on Wednesday, July 8, 2026.
The EFCC accused Dikko of laundering N1,322,839,112.7 (One Billion, Three Hundred and Twenty-Two Million, Eight Hundred and Thirty-nine Thousand, One Hundred and Twelve Naira, Seven Kobo) in proceeds allegedly linked to contractors engaged by the Nigerian National Petroleum Company Limited (NNPCL) for the rehabilitation of the Port Harcourt refinery, through cash property purchases, undisclosed bank retentions, third-party fund concealment and unauthorised currency conversion, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count one reads in part: “That you AHMED ADAMU DIKKO… did directly make cash payment of the dollar equivalent of the sum of N218,375,000.00 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial Institution and you thereby committed an offence contrary to Sections 2(1)(a), 19(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.”
Count eight reads: “That you AHMED ADAMU DIKKO, former Managing Director of the Port Harcourt Refining Company Ltd (PHRC) on or about the 26th of June, 2023 in Abuja within the jurisdiction of this Honourable Court disguised the origin of the sum of N328,710,337.50 (Three Hundred and Twenty Eight Million, Seven Hundred and Ten Thousand, Three Hundred and Thirty Seven Naira, Fifty Kobo) paid into the GTBank Account Plc No. 0123201507 operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when you knew that the said sum of N328,710,337.50 constituted proceeds of unlawful activity and you thereby committed an offence contrary Section 18(2) (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Count eleven reads: “That you AHMED ADAMU DIKKO between October, 2022 and May, 2025 did convert the aggregate sum of $77,080 through Ibrahim Isa Yaro which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd and you thereby committed an offence contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.”
The defendant pleaded not guilty to the charges when they were read to him.
Thereafter, counsel to the defendant, Okechukwu Ajunwa, SAN urged the court to grant the defendant bail pending the determination of the suit. Iheanacho, however, opposed the bail application.
In his ruling on the bail application, Justice Ekwo granted the defendant bail in the sum of N150,000,000 (One Hundred and Fifty Million Naira) with a surety who must be resident within the jurisdiction of the court and with a landed property valued at not less than the bail sum. He ordered that the defendant be remanded in the custody of the EFCC pending when he’s able to meet the bail conditions.
The matter was therefore adjourned to October 12, 13 and 14, 2026 for trial.
The post EFCC Arraigns Former MD Of Port Harcourt Refinery for Alleged N1.32bn Money Laundering appeared first on Business Today NG.
The Central Bank of Nigeria (CBN) has reiterated that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
The apex bank clarified this in a statement issued by Hakama Sidi Ali, the CBN’s acting director of corporate communications, on Wednesday.
CBN explained that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The clarification follows reports that businesses and other Nigerians are rejecting the standard N100 banknote due to doubts about its continued legal-tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide,” the CBN said.
READ ALSO: How fake agency ‘DG’ Adeyemi outsmarted federal officials to secure CBN accounts, office space
CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote, warning that such action constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The regulator reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and promoting the smooth circulation of currency nationwide.
It urged the public and all financial stakeholders to accept and transact with all banknotes legally issued by the CBN.
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