The Economic and Financial Crimes Commission has taken Mahmud A. Abubakar to court. He appeared before the Federal Capital Territory High Court in Maitama, Abuja, over a fraud case involving N1.09bn.
The EFCC shared this information in a statement on its X account on Wednesday.
Abubakar faced Justice N.C. Nwabulu on two counts. These charges relate to keeping and transferring money that is thought to be from illegal activities, amounting to N1,098,976,008.
The EFCC claims Abubakar kept N795,360,000 in his Access Bank account from January to December 2024. He allegedly knew this money came from criminal activities.
The first count states, "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… in your Access Bank with name Mahmud A. Abubakar and number 0057310017, which sum you knew that the same was derived from criminal conduct."
The second count claims that Abubakar transferred N303,616,008 from the same account to Suleiman Umar, aware that this money was from crime.
The charge 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… 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."
These actions reportedly violate Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act, 2004. They are punishable under Section 17(b) of the same law.
Abubakar pleaded not guilty to both counts.
After his plea, the prosecution lawyer, Y.Y. Tarfa, asked the court to set a trial date. He also requested that Abubakar be kept in a correctional centre.
On the other hand, Abubakar's lawyer, A.M. Aliyu, requested bail. The prosecution did not oppose this request.
Justice Nwabulu then granted Abubakar bail, requiring two sureties.
The judge stated that the sureties must be civil servants of Level 15. One of them must own property in the Federal Capital Territory.
The court also ordered that Abubakar be held at Kuje Correctional Centre, Abuja, until the bail conditions are met.
The case will continue on September 30, 2026, when the trial will begin.
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