The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud A. Abubakar before Justice N.C. Nwabulu of the Federal Capital Territory (FCT) High Court sitting in Maitama, Abuja, on a two-count charge involving alleged financial crimes amounting to N1,098,976,008.
According to the anti-graft agency, the defendant allegedly retained and transferred massive sums derived from criminal conduct between January and December 2024. Court documents reveal that count one accuses Abubakar of retaining control of N795,360,000 in his Access Bank account (number 0057310017), knowing the funds constituted proceeds of illicit activities.
The second count states that the defendant transferred an additional N303,616,008 from the same account to one Suleiman Umar during the same period. The offences contravene Section 17(a) of the EFCC (Establishment) Act, 2004, and are punishable under Section 17(b) of the same legislation.
Upon entering the dock, Abubakar pleaded “not guilty” to both charges. Following his plea, prosecution counsel Y.Y. Tarfa requested a trial date and sought an order to remand the defendant in custody. Meanwhile, defence counsel A.M. Aliyu moved a bail application for his client, which was left unopposed by the prosecution.
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Justice Nwabulu admitted the defendant to bail, requiring two sureties who must be Level 15 civil servants. Additionally, at least one of the sureties must possess landed property within the FCT.
The court ordered that Abubakar be remanded at the Kuje Correctional Centre pending the perfection of his bail conditions, while the trial has been scheduled to commence on September 30, 2026.
