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EFCC Arraigns Former MD Of Port Harcourt Refinery for Alleged N1.32bn Money Laundering

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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.

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LASG, FG Deepen Partnership to Enhance Power Supply

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The Lagos State Government and the Federal Government have strengthened their collaboration to improve electricity supply in Lagos.

The Governor of Lagos State, Mr. Babajide Sanwo-Olu and Minister of Power Mr. Joseph Tegbe, discussed their shared commitment to boosting electricity after the Ministerial Implementation Retreat with Federal Authorities on the Clean Lagos Electricity Market (CLEM), held at Lagos House, Marina, on Monday.

During the four-hour retreat, stakeholders including Governor Sanwo-Olu, Tegbe, and other top officials identified practical measures to tackle challenges within the power sector.

Speaking after the retreat, Governor Sanwo-Olu told journalists that the discussions were open and productive, offering a chance for participants to confront real sector issues and propose viable solutions.

He added that the main goal was to ensure that the benefits from the partnership reach electricity consumers and residents, emphasising the importance of turning the retreat’s resolutions into real results.

Sanwo-Olu stated that the initiative aligns with President Bola Tinubu’s vision of creating a more reliable and sustainable electricity supply nationwide, with Lagos playing a key role.

He also expressed satisfaction with the strong participation from key institutions, including the Transmission Company of Nigeria, Nigerian Electricity Regulatory Commission, Rural Electrification Agency, and other stakeholders.

Earlier, Tegbe stressed Lagos’s vital role in the nation’s power demand, and underlined that effective collaboration among federal and state bodies is crucial to expanding reliable power access.

He mentioned that a steering committee comprising relevant stakeholders will oversee the implementation process, ensuring that the retreat’s resolutions are translated into measurable actions.

Tegbe said the retreat aimed to go beyond mere discussion, establishing practical interventions that could lead to a more dependable electricity market in Lagos.

The focus of the retreat was on key areas such as the electricity market, regulatory framework, and technical and operational issues requiring immediate and long-term solutions.

The post LASG, FG Deepen Partnership to Enhance Power Supply appeared first on Business Today NG.

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Nigeria has reduced reliance on oil revenue

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President Bola Tinubu says Nigeria has significantly reduced its reliance on oil revenue as his administration pushes to diversify the economy and attract more investment into other sectors.

He said the government would continue to develop the petroleum industry but use its resources to support broader economic activity rather than depend on crude oil as the main driver of growth.

The President, represented by Vice President Kashim Shettima, spoke on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“We have already reduced our dependence on oil revenue, and we intend to go further,” President Tinubu said.

He said the government’s diversification strategy was focused on agriculture, manufacturing, digital and creative industries, while the oil and gas sector would continue to provide energy, foreign exchange and revenue for the country.

The claim comes as the administration continues to pursue reforms aimed at increasing oil production, improving revenue remittances and attracting fresh investment into the petroleum sector.

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In February, President Tinubu issued an executive order directing oil and gas revenues due to the Federation to be paid directly into the Federation Account.

The order also ended certain deductions previously retained by NNPC Limited, including a 30 per cent management fee on profit oil and profit gas.

Oil remains important to Nigeria’s finances

Despite the government’s push to reduce dependence on oil, petroleum remains an important source of public revenue and foreign exchange.

The sector has, however, faced challenges including fluctuations in crude production and oil prices, as well as security and operational problems.

PREMIUM TIMES reported in March that oil and gas revenue remittances had fallen significantly below projections in the first two months of 2026. While N937.10 billion was budgeted as oil and gas revenue for the period, actual remittances stood at N137.41 billion.

President Tinubu said improved security and cooperation among oil producers, host communities, security agencies and the NUPRC had helped stabilise production.

He said the government’s efforts had also helped attract investors who previously left Nigeria, adding that the country had ranked first among Africa’s leading destinations for upstream investment for two consecutive years.

Push for more oil and gas investment

The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, said Nigeria currently produces about 1.7 million barrels of crude oil per day and has more than 37 billion barrels of oil reserves.

Mr Lokpobiri said more investment, additional licensing rounds and increased exploration were needed to unlock the country’s petroleum resources.

The NUPRC has also reported increased investment activity in the upstream sector.

In August, the regulator said it had approved more than $57 billion in Field Development Plans since 2024, with 22 major offshore projects expected to come on stream between 2026 and 2030. The projects are estimated to attract between $30 billion and $50 billion in investment.

Nigeria’s oil and condensate reserves stood at 37.01 billion barrels as of January 2026, while gas reserves increased to 215.19 trillion cubic feet, according to NUPRC data.

Tinubu declares decade of gas

President Tinubu said gas would be central to the government’s energy strategy, describing the period ahead as a decade of gas.

“With the largest gas reserves in Africa, we will expand gas supply for power, industry and clean cooking, reduce flaring and methane emissions, and grow renewable energy alongside it,” he said.

READ ALSO: PBAT Door-to-Door Movement mourns officers in crash, suspends campaign activities

He added that the government would pursue an energy transition suited to Nigeria’s circumstances, arguing that the country should meet its climate commitments without compromising energy access and economic development.

He also noted that a stronger upstream industry could create jobs for Nigerian engineers, fabricators and oilfield service companies.

President Tinubu said the Petroleum Industry Act had provided a foundation for reforms in the sector but noted that legislation alone could not guarantee investment.

According to him, investors had raised concerns about high costs, lengthy contracting processes and uncertainty around fiscal terms for complex projects.

He urged the NUPRC to maintain clear regulatory processes, provide reliable timelines and work with other government agencies to reduce overlapping requirements.

The President also said operators benefiting from government incentives must meet their obligations on work programmes, local content, environmental protection and host communities.

He urged the commission to remain independent and accountable in its regulatory decisions.


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