EFCC Arraigns Two Over Alleged £110,000, N500m Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned two men before the Lagos State High Court sitting in Ikeja over an alleged £110,000 and N500 million fraud.

The EFCC disclosed this in a statement, saying its Lagos Zonal Directorate 1 arraigned Ali Bala and Yusuf Umar Anka before Justice Olukayode Ogunjobi on Friday, September 4, 2026.

The defendants are facing a 10-count charge bordering on money laundering, stealing and retention of stolen property.

One of the counts alleged that the defendants conducted financial transactions involving proceeds of unlawful activities in an attempt to conceal the source of £110,000 allegedly stolen in 2025.

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The charge reads: “That you, ALI BALA (a.k.a. Barrister Ahmed) and YUSUF UMAR ANKA, sometime in 2025 in Lagos, within the jurisdiction of this Honourable Court, conducted financial transactions involving proceeds of your unlawful activities to disguise the source of the stolen £110,000.00 (One Hundred and Ten Thousand Pounds Sterling), and thereby committed an offence contrary to Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”

The defendants pleaded “not guilty” to the charges.

Following their pleas, prosecution counsel, H.U. Kofarnaisa, asked the court to fix a date for trial and ordered that the defendants be remanded in a correctional facility.

Defence counsel, however, informed the court that a bail application was pending before the judge.

In his ruling, Justice Ogunjobi adjourned the matter until September 8, 2026, for hearing of the bail application.

The judge also ordered that Bala and Anka be remanded in EFCC custody pending the hearing.

The case will resume on September 8 when the court is expected to consider the defendants’ application for bail.