EFCC Arraigns Man Over Alleged N1.09bn Proceeds of Criminal Activity

The Economic and Financial Crimes Commission (EFCC) on Wednesday, September 2, 2026, arraigned Mahmud A. Abubakar before Justice N.C. Nwabulu of the Federal Capital Territory High Court, Maitama, Abuja, over an alleged N1.09 billion proceeds of criminal activity.

Abubakar was arraigned on a two-count charge bordering on the retention and transfer of proceeds of criminal conduct totalling N1,098,976,008.

According to the EFCC, the defendant allegedly retained N795,360,000 in his Access Bank account between January and December 2024, knowing that the funds were derived from criminal conduct.

The first count reads: “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 (Seven Hundred and Ninety-five million, Three hundred and Sixty Thousand Naira) in your Access Bank with name Mahmud A. Abubakar and number 0057310017, which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”

The second count alleged that Abubakar transferred N303,616,008 from the same account to one Suleiman Umar during the same period.

Count two reads: “That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did transfer proceeds of a criminal conduct totalling N303,616,008 (Three Hundred and Three Million, Six Hundred and Sixteen Thousand Eight Naira) from your Access Bank with name Mahmud A. Abubakar and number 0057310017, to one Suleiman Umar which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to 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 the charges.

Following his plea, EFCC counsel, Y.Y. Tarfa, requested a trial date and asked 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.

Justice Nwabulu subsequently granted Abubakar bail with two sureties, both of whom must be Level 15 civil servants. One of the sureties must also be a landed property owner in the Federal Capital Territory.

The judge ordered that the defendant be remanded at the Kuje Correctional Centre, Abuja, pending the fulfilment of the bail conditions.

The court adjourned the matter until September 30, 2026, for commencement of trial.