Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Mahmud A. Abubakar, before Justice N.C. Nwabulu of the Federal Capital Territory High Court, Maitama, Abuja, over an alleged N1,098,976,008 (One Billion, Ninety-Eight Million, Nine Hundred and Seventy-Six Thousand and Eight Naira) fraud. Abubakar was arraigned on Wednesday, September 2, 2026, on a two-count charge bordering on retention of proceeds of a criminal activity.
Count one of the charge 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."
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, prompting the prosecution counsel, Y.Y. Tarfa, to request a trial date and for the defendant to be remanded in a Correctional Centre. The defence counsel, A. M. Aliyu, subsequently filed a bail application, which was not opposed by the prosecution counsel.
Justice Nwabulu granted the defendant bail with two sureties, both of whom must be Level 15 civil servants, with one required to be a landed property owner in the Federal Capital Territory (FCT). The judge further ordered that the defendant be remanded in Kuje Correctional Centre, Abuja, pending the fulfilment of the bail conditions. The matter was adjourned till September 30, 2026, for the commencement of trial.
The case is the latest in a series of high-profile fraud cases being prosecuted by the EFCC in the Federal Capital Territory. In August 2026, the EFCC arraigned a property developer, Yusuf Ademola Oyepeju, and his two companies over an alleged N13.6 million property fraud in Ibadan. In the same month, the commission arraigned a man, Uche Okafor, before a Federal High Court in Abuja for allegedly defrauding an Australian national of $45,000.
The EFCC has intensified its crackdown on financial crimes in recent months, with the commission's Chairman, Ola Olukoyede, revealing that the agency recovered N1.23 trillion between October 2023 and June 2026. Olukoyede also disclosed that more than 40 EFCC personnel had been dismissed for corruption in the past three years, as the commission continues its internal cleansing efforts. The arraignment of Mahmud Abubakar underscores the commission's determination to pursue individuals involved in large-scale financial crimes, regardless of their status or connections. As the case proceeds to trial, all eyes will be on the court to see whether the prosecution can prove its case beyond reasonable doubt. The defendant, who has pleaded not guilty, remains presumed innocent until proven guilty.
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