The Economic and Financial Crimes Commission, EFCC, on Wednesday arraigned a man, Mahmud A. Abubakar, before the Federal Capital Territory High Court in Maitama, Abuja, over alleged retention and transfer of N1.098bn suspected to be proceeds of criminal conduct.
Abubakar was arraigned before Justice N.C. Nwabulu on a two-count charge bordering on retention and transfer of the alleged crime proceeds.
The EFCC alleged that the defendant, between January and December 2024, retained N795.36m in his Access Bank account, which he allegedly knew to have been derived from criminal conduct.
The commission further accused him of transferring N303.616m from the same account to one Suleiman Umar, allegedly knowing that the money was proceeds of criminal conduct.
One of the charges read, “That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did retain control of the proceeds of a criminal conduct totalling N795,360,000… which sum you knew that the same was derived from criminal conduct.”
The EFCC said the alleged offences were contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
The defendant, however, pleaded not guilty to the charges.
Following his plea, the prosecution counsel, Y.Y. Tarfa, asked the court to fix a date for trial and order the defendant’s remand in a correctional facility.
However, the defence counsel, A.M. Aliyu, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu subsequently granted Abubakar bail with two sureties, who must both be Level 15 civil servants.
The court also ordered that one of the sureties must own a landed property within the Federal Capital Territory.
The judge ordered the defendant to be remanded at the Kuje Correctional Centre pending the fulfilment of his bail conditions.
The matter was adjourned until September 30, 2026, for the commencement of trial.
