EFCC arraigns man over N1bn proceeds of crime

The Economic and Financial Crimes Commission has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged N1.09 billion proceeds-of-crime offence.

Abubakar was brought before Justice N.C. Nwabulu on Wednesday on a two-count charge relating to the alleged retention and transfer of funds suspected to have been derived from criminal activity.

The EFCC alleged that between January and December 2024, Abubakar retained N795.36 million in his Access Bank account, knowing that the money was proceeds of criminal conduct.

The commission further accused him of transferring N303.62 million from the same account to one Suleiman Umar during the period.

The charges were filed under Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same law.

Abubakar pleaded not guilty to both counts.

Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to fix a date for trial and remand the defendant in a correctional facility.

Defence counsel, A.M. Aliyu, however, applied for bail, which was not opposed by the prosecution.

Justice Nwabulu subsequently granted Abubakar bail with two sureties, who must both be Level 15 civil servants.

The judge further stipulated that one of the sureties must own landed property within the Federal Capital Territory.

Pending the fulfilment of the bail conditions, the court ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.

Justice Nwabulu adjourned the case until September 30, 2026, for commencement of trial.