Court sends man to prison for N5bn money laundering

The Federal High Court sitting in the Ikoyi area of Lagos State has remanded one Ibrahim Abubukar in the correctional centre over alleged money laundering.

Abubakar was arraigned by the Economic and Financial Crimes Commission (EFCC) on Thursday, June 19, 2025, on a two-count charge bordering on alleged conspiracy to commit stealing and retaining the sum of N5 billion.

One of the counts read: “That you, Ibrahim Abubukar, IBRAHIM (at large) and Alhaji Kabiru (at large), on 2 February, 2025, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: retention of the total sum of N5,000,000, 000.00 in an account nominated by you, ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria Pic., with account number 0224244931, which sum you reasonably ought to have known forms part of the proceeds of your unlawful act, to wit: stealing and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition and Prevention Act), 2011 as amended and punishable under Section 15 (2) (d) of the same Act.”

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The defendant pleaded “not guilty” to the charges when they were read to him.

In view of his plea, the prosecuting counsel, Bilikisu Buhari-Bala, asked for a trial date, and also urged the court to remand the defendant in a correctional centre.

Responding, the defence counsel, E.C. Nwoko, asked the court for a short date to enable him file his client’s bail application.

Justice Alexander Owoeye ordered the defendant to be remanded at the correctional centre in Ikoyi.

The judge adjourned the matter till September 25 for the commencement of trial.

The Star