The Economic and Financial Crimes Commission has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court in Abuja over allegations involving the retention and transfer of funds allegedly derived from criminal activities.
Abubakar was arraigned on Wednesday before Justice N.C. Nwabulu of the FCT High Court sitting in Maitama on a two-count charge involving an alleged total of N1,098,976,008.
According to the EFCC, the defendant allegedly retained N795.36 million in an Access Bank account in his name between January and December 2024, knowing that the funds were proceeds of 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 investigation. The two sums amount to approximately N1.09 billion.
The charges were brought under Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, with the offences punishable under Section 17(b) of the legislation.
Abubakar pleaded not guilty to both counts.
Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to schedule the matter for trial and remand the defendant in custody.
Defence counsel, A.M. Aliyu, subsequently applied for bail. The application was not opposed by the prosecution.
Justice Nwabulu granted the defendant bail subject to conditions requiring two sureties, both of whom must be Level 15 civil servants. The court further directed that one of the sureties must own landed property within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, Abubakar was ordered to remain at the Kuje Correctional Centre.
The court adjourned the matter until September 30, 2026, when the trial is scheduled to commence.
The allegations against Abubakar remain before the court, and his plea of not guilty means the prosecution will have to establish its case through evidence during trial.
The case adds to the EFCC’s ongoing prosecution of alleged financial crimes, with the commission relying on the provisions of its establishing law in pursuing the charges.
