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 ₦1,098,976,008 proceeds-of-crime case.
Abubakar was arraigned before Justice N.C. Nwabulu on a two-count charge relating to the alleged retention and transfer of proceeds of criminal conduct. The charges covered transactions allegedly carried out between January and December 2024.
According to the EFCC, the defendant allegedly retained ₦795,360,000 in an Access Bank account in his name, despite allegedly knowing that the money was derived from criminal conduct.
The commission further alleged that Abubakar transferred ₦303,616,008 from the same account to an individual identified as Suleiman Umar during the same period.
The two amounts total ₦1,098,976,008, which forms the basis of the charges filed against him.
The EFCC said the alleged offences contravened Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, and are punishable under Section 17(b) of the same law.
When the charges were read to him in court, Abubakar pleaded not guilty.
Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to fix a date for trial and sought an order for the defendant to be remanded in a correctional facility.
Defence counsel, A.M. Aliyu, subsequently applied for bail. The prosecution did not oppose the application.
Justice Nwabulu granted Abubakar bail with two sureties. The court stipulated that both sureties must be Level 15 civil servants, while one must also own landed property within the Federal Capital Territory.
The court ordered that the defendant remain at the Kuje Correctional Centre pending the fulfilment of the bail conditions.
The matter was adjourned until September 30, 2026, for the commencement of trial.
The arraignment does not amount to a conviction. Abubakar remains presumed innocent unless the prosecution establishes the allegations against him in court.
The case will now proceed to trial, where the EFCC is expected to present evidence concerning the alleged source and movement of the funds, while the defendant will have the opportunity to challenge the prosecution’s case and present his defence.
