Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The trial of a suspected serial fraudster, Musa Saliu Adekunle, who allegedly looted multiple microfinance banks across Nigeria, continued on Thursday, May 14, 2026, with the Economic and Financial Crimes Commission (EFCC) parading its third prosecution witness before a Federal High Court in Uyo, Akwa Ibom State. The witness, Deputy Superintendent of the EFCC, Mubarak Isah, told the court that Adekunle was arrested with three mobile phones and a Point of Sale (POS) machine that investigators believe were used to perpetrate a sophisticated scheme targeting several finance houses, including the University of Uyo Microfinance Bank.
Adekunle was first arraigned on July 18, 2025, before Justice Maurine A. Onyetenu on a five‑count charge bordering on money laundering, obtaining by false pretence, and conspiracy. He pleaded not guilty and was remanded at the State Correctional Centre in Uyo, where he has remained pending the conclusion of his trial. The prosecution has since been building a case that the defendant and his accomplices, who are still at large, worked together to open fraudulent accounts using falsified documents, then siphoned millions of naira from unsuspecting financial institutions.
During his examination‑in‑chief on Tuesday, May 12, 2026, the third prosecution witness, Isah, provided a detailed account of the investigation. He told the court that after Adekunle’s arrest, investigators sent inquiry letters to the Port Harcourt Electricity Distribution Company (PHED) as well as to mobile network operator MTN. The responses received from PHED confirmed that the meter numbers used by the accused and his accomplices to open accounts at the University of Uyo Microfinance Bank and other financial institutions did not belong to the electricity company. In other words, the defendants had fabricated or stolen utility numbers to satisfy Know‑Your‑Customer (KYC) requirements, a common tactic used by fraudsters to create legitimate‑looking bank accounts under false identities.
The witness further testified that the MTN phone numbers linked to the accounts at Uniuyo Microfinance Bank and other microfinance banks were registered under names that did not match Adekunle or his known associates. This discrepancy indicated that the SIM cards had been procured using forged identity documents or stolen identities. Investigators were able to trace the phone numbers, which led them to multiple bank accounts where the fraud proceeds had been funneled. The prosecution argued that the defendant used these accounts to receive and launder money obtained through false pretence.
During Tuesday’s proceedings, prosecution counsel Joshua Abolarin tendered several additional exhibits through the witness. These included the original petition from the University of Uyo Microfinance Bank, which detailed how over N9 million was fraudulently withdrawn from the bank’s accounts through the activities of Adekunle and his syndicate. Also admitted in evidence was a separate petition submitted at the EFCC’s Benin Zonal Directorate from Avuenegbe Microfinance Bank, located in Auchi, Edo State. That petition also accused Adekunle and his accomplices of defrauding the bank of substantial sums.
Other exhibits that were formally admitted by the court included the three mobile phones recovered from Adekunle at the time of his arrest, as well as the Moniepoint POS machine that investigators believe was used to transfer and withdraw illicit funds. The prosecution also tendered responses received from eight different financial institutions, which confirmed the criminal footprints of the accused and the members of his syndicate. These responses, according to the EFCC, provided a paper trail that linked Adekunle directly to the fraudulent transactions.
The defence counsel, Savn Daniel, had earlier served the prosecution with a motion on notice dated March 9, 2026, seeking the bail of the defendant. However, the court did not entertain the bail application at Tuesday’s sitting, adjourning instead to June 16, 2026, for the hearing of motions and the cross‑examination of the third prosecution witness. Adekunle remains in custody at the Uyo Correctional Centre.
The charges against Adekunle are severe. One of the counts reads: “That you, Salihu Adekunle Musa (A.K.A. Mr Igboabuchi), Adebayo Taiwo Naheem (now at large), Mrs Igboabuchi Chinonso Happiness (now at large) and Anuoluwapo Victoria Onibokun (now at large), on or sometime in February, 2024 in Akwa Ibom State, within the jurisdiction of this Honourable Court, with intent to defraud, did conspire among yourselves to commit offences to wit; Obtaining Property by False Pretence and Money Laundering, and thereby committed an offence contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
The EFCC’s case against Adekunle is part of a broader crackdown on the growing menace of fraud targeting microfinance banks, which have become a lifeline for small‑scale farmers, traders, and low‑income individuals across Nigeria. Unlike commercial banks with robust security systems, microfinance banks often have weaker Know‑Your‑Customer protocols, making them vulnerable to organised fraud syndicates. The commission has vowed to pursue not only the perpetrators but also any bank employees found to be complicit in the criminal scheme.
In a statement issued after Tuesday’s proceedings, the EFCC’s Uyo Zonal Commander reaffirmed the commission’s commitment to protecting the Nigerian financial system from economic saboteurs. “We will not allow fraudsters to destroy the trust that citizens place in our microfinance institutions. The prosecution of Musa Saliu Adekunle and the ongoing search for his accomplices should serve as a warning to anyone who thinks they can steal public funds and get away with it,” the commander said.
The case has also drawn attention from civil society groups that advocate for consumer protection in the banking sector. Some have called on the Central Bank of Nigeria to mandate stricter KYC requirements for microfinance banks and to ensure that the identities of account holders are thoroughly verified before accounts are opened. Others have urged the EFCC to expedite the prosecution of the accomplices still at large, warning that they may be continuing their fraudulent activities elsewhere.
For now, the trial of Musa Saliu Adekunle continues. With the third prosecution witness now having testified and the court admitting a trove of documentary and electronic evidence, the case against the alleged serial fraudster appears to be gathering momentum. The next hearing is scheduled for June 16, 2026, when the court will hear arguments on the bail application and the defence will have the opportunity to cross‑examine the third witness. Adekunle remains behind bars, and the EFCC has expressed confidence that justice will be served.
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