The Economic and Financial Crimes Commission, EFCC, on Wednesday, arraigned one Mahmud Abubakar before Justice N. Nwabulu of the Federal Capital Territory High Court, Maitama, Abuja.
Abubakar was arraigned on a two-count charge bordering on retention of proceeds of a criminal activity to the tune of N1,098,976,008.
Count one reads: “That you Mahmud Abubakar, between January 2024 and December 2024, within the jurisdiction of this court did retain control of the proceeds of a criminal conduct totalling N795,360,000 in your Access Bank with name Mahmud 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 EFCC (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
Count two reads: “That you Mahmud Abubakar, between January 2024 and December 2024, within the jurisdiction of this court did transfer proceeds of a criminal conduct totalling N303,616,008 from your Access Bank with name Mahmud 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 EFCC (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
He pleaded “not guilty,” to the charges, prompting the prosecution counsel, Y. Tarfa, to request a trial date and for the defendant to be remanded in prison, while the defence counsel, A. Aliyu, 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 and adjourned the matter till September 30, 2026, for commencement of trial.
