The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Mahmud Abubakar, before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged N1.09 billion proceeds-of-crime 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.
According to the EFCC, the defendant allegedly retained N795.36 million in his Access Bank account between January and December 2024, despite allegedly knowing that the funds were derived from criminal conduct.
The anti-graft agency further alleged that Abubakar transferred N303.62 million from the same account to one Suleiman Umar during the period under review. The two transactions amounted to N1,098,976,008.
The charges were brought under Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.
Abubakar pleaded not guilty to both counts. Following his 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.
Ruling on the application, Justice Nwabulu granted Abubakar bail subject to two sureties.
The court stipulated that both sureties must be Level 15 civil servants, while one of them must also be a landed property owner within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, the judge ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.
The court subsequently adjourned the case until September 30, 2026, for commencement of trial.
