EFCC Arraigns Man Over Alleged N5bn Fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned one Ibrahim Abubakar before the Federal High Court in Abuja over allegations of conspiracy, fraud, and money laundering involving the sum of N5 billion.
Arraigned before Justice Alexander Owoeye, Abubakar faces charges related to the alleged fraudulent retention of funds suspected to be proceeds of illegal activities.
According to the EFCC’s counsel, Mrs. Bilikisu Buhari-Bala, the alleged offence was committed on February 2, 2025, in Lagos. The defendant, along with two others identified as Ibrahim and Alhaji Kabiru (both currently at large), was accused of conspiring to defraud and retain funds illegally obtained from a bank account belonging to one Mohammed Shehu.
The N5 billion was reportedly siphoned from account number 0224244931, which was allegedly provided by the defendant.
The EFCC maintains that Abubakar’s actions are in violation of Section 18(a) and Section 15(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2011 (as amended), and are punishable under Section 15(3) of the same Act.
Abubakar pleaded not guilty to the charge.
Following his plea, the prosecution requested a trial date and asked that the defendant be remanded in custody. In response, Abubakar’s lawyer, E.C. Nwoko, appealed for a short adjournment to allow time to file a formal bail application.
Justice Owoeye adjourned the case to September 25, 2025, for trial. He also ordered that Abubakar be remanded at the Ikoyi Custodial Centre, but noted that the defense may file for an abridgement of time should the bail application be ready before the scheduled trial date.
