EFCC arraigns man over N5bn fraud
The Economic and Financial Crimes Commission on Thursday arraigned one Ibrahim Abubakar before the Federal High Court in Lagos over an alleged N5 bn fraud.
Abubakar, who was arraigned before Justice Alexander Owoeye, is facing two-count charges bordering on conspiracy to steal and retention of proceeds of unlawful activity.
The charges were brought against him by the EFCC.
When the case was called, EFCC’s counsel, Mrs Bilikisu Buhari-Bala, told the court that it was for the arraignment of the defendant and that they were ready, subject to the convenience of the court.
The prosecutor told the court that Abubakar conspired with two other individuals identified as Ibrahim and Alhaji Kabiru, both currently at large, to commit the offence.
She said that the offence was committed on February 2, 2025, in Lagos State.
The EFCC alleged that the defendant fraudulently retained the sum of N5 bn in a Union Bank account numbered 0224244931, registered in the name of one Mohammed Shehu, whom he allegedly nominated.
The commission said that the funds are proceeds of an illicit operation involving theft from a bank.
According to the prosecutor, the offences committed contravened Section 18(a), 15(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2011 (as amended), and are punishable under Sections 15(2)(d) and 15(3) of the same Act.
One of the counts reads: “That you, Ibrahim Abubukar, IBRAHIM (at large) and Alhaji Kabiru (at large), on 2 February, 2025, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: retention of the total sum of N5,000,000, 000.00 (Five Billion Naira) in an account nominated by you, ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria Pic., with account number 0224244931, which sum you reasonably ought to have known forms part of the proceeds of your unlawful act, to wit: stealing and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition and Prevention Act), 2011 as amended and punishable under Section 15 (2) (d) of the same Act.”
However, the defendant pleaded not guilty to the charges preferred against him.
Following the plea, the EFCC prosecutor requested for a trial date and also urged the court to remand the defendant in a correctional facility pending the conclusion of the case.
In response, defence counsel E. C. Nwoko asked the court to grant a short adjournment to allow him to file a formal bail application for his client.
Justice Owoeye subsequently adjourned the matter to September 25, 2025, for trial.
He ordered that Abubakar be remanded at the Ikoyi Correctional Centre, but advised the defence counsel to apply for an abridgement of time once the bail application is ready.
