The Economic and Financial Crimes Commission has arraigned one Ibrahim Abubakar before the Federal High Court in Lagos over his alleged involvement in a N5 billion fraud.
Abubakar appeared before Justice Alexander Owoeye on Thursday, where he was docked on a two-count charge bordering on conspiracy and retention of proceeds of unlawful activity.
Prosecuting counsel for the EFCC, Mrs. Bilikisu Buhari-Bala, informed the court that Abubakar collaborated with two individuals—identified as Ibrahim and Alhaji Kabiru, who are both currently at large—to commit the offence on February 2, 2025, in Lagos State.
According to the EFCC, the defendant retained the sum of N5 billion in a Union Bank account registered under the name Mohammed Shehu, a nominee allegedly appointed by Abubakar. The funds were said to be proceeds of a fraudulent scheme involving theft from a financial institution.
“The defendant conspired to conceal and retain funds suspected to be proceeds of criminal activity. These acts are in direct violation of the Money Laundering (Prohibition and Prevention) Act, 2011 as amended,” Buhari-Bala stated.
One of the charges reads: “That you, Ibrahim Abubakar, IBRAHIM (now at large), and Alhaji Kabiru (now at large), on the 2nd day of February 2025 in Lagos, within the jurisdiction of this Honourable Court, did conspire amongst yourselves to commit an offence to wit: retention of the total sum of N5,000,000,000.00 (Five Billion Naira) in a Union Bank account in the name of Mohammed Shehu, which you ought reasonably to have known constituted proceeds of an unlawful act, to wit: stealing.”
The defendant, however, pleaded not guilty to all charges when they were read to him in court.
Following his plea, the prosecution requested a trial date and urged the court to remand the defendant in custody. Defence counsel, E. C. Nwoko, appealed to the court for a short adjournment, noting that he intended to file a formal bail application for his client.
In his ruling, Justice Owoeye adjourned the matter until September 25, 2025, for trial. He also ordered that Abubakar be remanded at the Ikoyi Correctional Centre.
“The defence is advised to file an application for abridgement of time once the bail motion is ready,” the judge said.
