EFCC Arraigns Man Over Alleged N1.09bn Proceeds of Criminal Conduct

The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged N1.09 billion fraud-related offence.

Abubakar was brought before Justice N.C. Nwabulu on a two-count charge bordering on the retention and transfer of proceeds of criminal conduct. The EFCC alleged that he retained N795.36 million in his Access Bank account between January and December 2024, knowing that the funds were proceeds of criminal conduct.

The anti-graft agency further alleged that the defendant transferred another N303.62 million from the same account to one Suleiman Umar during the period. The charges were filed under Section 17(a) of the EFCC (Establishment) Act, 2004, punishable under Section 17(b).

Abubakar pleaded not guilty to both counts. Following his plea, the prosecution requested a trial date and asked that he be remanded in a correctional facility, while the defence applied for bail. The prosecution did not oppose the bail application.

Justice Nwabulu granted the defendant bail with two sureties, who must be Level 15 civil servants, with one required to own landed property in the Federal Capital Territory. Abubakar was ordered to remain at the Kuje Correctional Centre pending fulfilment of the bail conditions.

The court adjourned the case until September 30, 2026, for commencement of trial.