EFCC Arraigns Man Over Alleged N1.09bn Fraud in Abuja
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 proceeds-of-criminal-conduct case.
Abubakar was arraigned on Wednesday, September 2, 2026, before Justice N.C. Nwabulu on a two-count charge bordering on the alleged retention and transfer of proceeds of criminal conduct totalling N1,098,976,008.
According to the EFCC, the defendant allegedly retained N795,360,000 in his Access Bank account, while another N303,616,008 was allegedly transferred from the same account to one Suleiman Umar.
The commission said the alleged offences occurred between January and December 2024 and were committed within the jurisdiction of the court.
The first count alleged that Abubakar:
«“Between January 2024 and December 2024, within the jurisdiction of this Honourable Court did retain control of the proceeds of a criminal conduct totalling N795,360,000... in your Access Bank with name Mahmud A. Abubakar and number 0057310017, which sum you knew that the same was derived from criminal conduct.”»
The EFCC said the alleged offence contravened Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and was punishable under Section 17(b) of the same Act.
The second count alleged that Abubakar transferred N303,616,008 from the same Access Bank account to Suleiman Umar, knowing that the funds were allegedly derived from criminal conduct.
The defendant pleaded not guilty to both counts.
Following the plea, EFCC counsel, Y.Y. Tarfa, requested a date for trial and urged the court to remand the defendant in a correctional centre.
Defence counsel, A.M. Aliyu, however, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu subsequently granted Abubakar bail subject to stringent conditions, including the provision of two sureties, both of whom must be Level 15 civil servants.
The court further stipulated that one of the sureties must be a landed property owner within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, Justice Nwabulu ordered that the defendant be remanded at the Kuje Correctional Centre, Abuja.
The court adjourned the matter until September 30, 2026, for the commencement of trial.
The defendant remains presumed innocent until proven guilty by a court of competent jurisdiction.