EFCC charges businessman, firm over N691m scam

The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Abu-Haneefa Oil and Gas Limited, Musa Farouk Abubakar, alongside his company and one Sandra Chizoba Attoh, over an alleged N691.7 million fraud and money laundering scheme.

The defendants were arraigned before Justice Obiora Egwuatu of the Federal High Court, Abuja, on a 15-count amended charge bordering on conspiracy, corruption and money laundering.

According to the EFCC, the alleged offences involve the laundering of proceeds of unlawful activities amounting to N691,677,310.

One of the charges alleged that Abubakar, on July 21, 2025, transferred N297 million from Abu-Haneefa Oil and Gas Limited’s account with Zenith Bank to Attoh’s account with Access Bank, despite allegedly knowing that the funds were proceeds of corruption.

The anti-graft agency further alleged that Abubakar subsequently procured Attoh to transfer N262.87 million from her account to Mshell Homes Limited through Taj Bank for the purchase of a property located at Kapital Villa, Guzape, Abuja.

The EFCC maintained that the transactions contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The three defendants pleaded not guilty to the charges.

Following their plea, EFCC counsel, Rita Ogar, urged the court to fix a date for trial and remand the defendants in a correctional facility pending the commencement of proceedings.

Counsel to Abubakar and Abu-Haneefa Oil and Gas Limited, Ishaka M. Dikko, informed the court that a bail application had already been filed on behalf of the first defendant and requested that his client be remanded in EFCC custody pending determination of the application.

Similarly, counsel to the third defendant, Y.G. Haruna (SAN), told the court that he had filed a bail application for his client and had received the prosecution’s response.

Opposing the applications, the prosecution argued that it possessed overwhelming evidence against the defendants and urged the court to reject the requests for bail.

After hearing submissions from both parties, Justice Egwuatu ordered that Abubakar be remanded at the Kuje Correctional Centre pending further proceedings on his bail application.

The court, however, granted bail to Attoh in the sum of N200 million with two sureties in like sum.

The judge ruled that the sureties must be Abuja residents, property owners, and provide valid means of identification and passport photographs. One of the sureties must also be a civil servant not below Grade Level 15 and deposit evidence of appointment and latest promotion with the court.

Justice Egwuatu subsequently adjourned the case until September 1 and 2, 2026, for the commencement of trial.