EFCC Arraigns Man For Alleged N1.09bn Fraud In Abuja

By RhemDy News 

The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned one Mahmud Abubakar before Justice N.C. Nwabulu of the Federal Capital Territory High Court, Maitama, Abuja, on a two-count charge bordering on retention of proceeds of a criminal activity to the tune of N1,098,976,008.

Abubakar was accused of retaining the  control of the proceeds of a criminal conduct totalling N795,360,000

between January 2024 and December 2024.

The defendant was accused of retaining the sum in his Access Bank with name Mahmud A. Abubakar and number 0057310017, knowing that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.

In count two, the EFCC claimed, “That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did transfer proceeds of a criminal conduct totalling N303,616,008 (Three Hundred and Three Million, Six Hundred and Sixteen Thousand Eight Naira) from your Access Bank with name Mahmud A. Abubakar and number 0057310017, to one Suleiman Umar which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”

The defendant pleaded “not guilty,” to the charges when they were read to him, prompting the prosecution counsel, Y.Y. Tarfa to request a trial date and for the defendant to be remanded in a Correctional Centre.

The defence counsel, A. M. Aliyu, filed a bail application, which was not opposed by the prosecution counsel.

Meanwhile, Justice Nwabulu granted the defendant bail with two sureties, both of whom must be Level 15 civil servants, with one required to be a landed property owner in the Federal Capital Territory (FCT). 

The judge further ordered that the defendant be remanded in Kuje Correctional Centre, Abuja, pending the fulfilment of the bail conditions.

The court subsequently adjourned the matter till September 30, 2026, for commencement of trial.