EFCC arraigns two over £110,000 theft, N500m money laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned two men over an alleged £110,000 theft and the conversion of N500 million belonging to a businessman, Salihu Muhammed.

Ali Bala, also known as Barrister Ahmed, and Yusuf Umar Anka were arraigned on Wednesday before Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos.

The Lagos Zonal Directorate 1 of the EFCC brought a 10-count charge against the defendants bordering on stealing, money laundering and retention of stolen property.

The commission alleged that the defendants conducted financial transactions involving proceeds of unlawful activities in 2025 to conceal the source of the stolen £110,000.

In another count, the EFCC alleged that between July and August 2025, the defendants converted N500 million belonging to Muhammed for their personal use.

The alleged offences contravene provisions of the Criminal Law of Lagos State, 2011, according to the commission.

Bala and Anka pleaded not guilty to all 10 counts.

Following their pleas, the lead prosecution counsel, Bilikisu Buhari, asked the court to remand the defendants in a correctional facility and fix a date for trial.

Counsel to the first and second defendants, M. Abubakar and S. Makinde, indicated that their clients were considering a plea bargain while also pursuing bail applications.

Justice Fadipe ordered that the defendants be remanded in a correctional facility and adjourned the case until December 16, 2026, for trial and hearing of the bail applications.