The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Abubakar Muhammad before the Federal High Court and the Borno State High Court over the alleged diversion of N650 million.
Muhammad was brought before Justices Shehu Adamu and Amina Ibrahim on June 3 and 4, 2026, respectively, on separate charges bordering on money laundering, criminal misappropriation, and breach of trust.
According to the EFCC, the defendant allegedly converted N650 million through accounts domiciled in United Bank for Africa (UBA), Taj Bank, and Moniepoint Microfinance Bank.
Prosecutors alleged that the funds were presented as proceeds from a purported mining investment business managed by Muhammad, whereas they were suspected to be proceeds of unlawful activity.
One of the charges stated that the defendant directly converted the aggregate sum of N650 million between January 2021 and February 2026, an act said to be contrary to provisions of the Money Laundering (Prevention and Prohibition) Act.
Muhammad pleaded not guilty to all charges when they were read in court.
During proceedings, prosecution counsel, Mukhtar Ali Ahmed, requested trial dates and urged the courts to remand the defendant in EFCC custody.
Defence counsel, B.G. Zanna, however, filed a bail application before Justice Ibrahim.
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The court subsequently granted Muhammad bail in the sum of N300 million with two sureties. One of the sureties is required to possess landed property valued at N400 million.
The two courts adjourned the matters to June 11 and June 15, 2026, respectively, for the commencement of hearing.
The EFCC said Muhammad’s arrest followed a petition alleging that he had been entrusted with the sale of Nestlé products worth N650 million.
Investigators claim he manipulated sales records and diverted the proceeds for personal use.
The allegations remain before the courts, and the defendant is presumed innocent until proven guilty.
