The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Musa Farouk Abubakar, the Managing Director of Abu-Haneefa Oil and Gas Ltd, alongside his company and an accomplice, Sandra Chizoba Attoh, before a Federal High Court in Abuja over an alleged N691.6 million fraud.
The defendants were brought before Justice Obiora Egwuatu on an amended 15-count charge bordering on conspiracy, corruption, and money laundering totaling N691,677,310.00.
The Paper Trail of Alleged Corruption
According to the charge sheet, the EFCC alleges that around July 21, 2025, Abubakar transferred N297 million from his company’s Zenith Bank account to Attoh’s Access Bank account, fully aware that the funds were proceeds of corruption.
In a subsequent transaction that same month, Abubakar allegedly procured Attoh to layer the funds further. He reportedly directed the transfer of N262,866,310.00 from her account to a Taj Bank account belonging to Mshell Homes Ltd. The commission noted that this specific transaction was executed to purchase a luxury property at Kapital Villa in the highbrow Guzape district of Abuja.
The EFCC stated that these actions violate Sections 18(2)(b) and 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
Legal Fireworks Over Bail
The defendants pleaded “not guilty” to all charges. Following their pleas, prosecution counsel Rita Ogar requested a formal trial date and asked the court to remand the accused individuals at a Correctional Centre.
The defense team put up a strong fight for custody placement. Ishaka M. Dikko, counsel to Abubakar and his oil firm, argued that a bail application had been filed since May 19, 2026. He pleaded with the court to keep his client in the custody of the EFCC rather than prison. Similarly, Y.G. Haruna, SAN, representing Attoh, noted that his team had filed for bail on June 1, 2026.
However, the prosecution fiercely opposed bail. Presenting a 20-paragraph counter-affidavit deposed by Hayatu Bello, the EFCC’s legal team asserted they possessed “overwhelming evidence,” introducing two critical exhibits (Exhibit EFCC 1 and EFCC 2) to convince the court to deny the applications.
Justice Egwuatu’s Verdict
After listening to the intense arguments from both sides, Justice Egwuatu issued contrasting conditions for the suspects:
1.Musa Farouk Abubakar (1st Defendant): Remanded at the Kuje Correctional Centre pending the time his legal team files a formal response to the EFCC’s counter-affidavit.
2.Sandra Chizoba Attoh (3rd Defendant): Granted bail in the sum of N200 million with two sureties in like sum.
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