The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Mahmud A. Abubakar before Justice N.C. Nwabulu of the Federal Capital Territory High Court, Maitama, over allegations of retaining and transferring proceeds of crime amounting to N1,098,976,008 (One Billion, Ninety-Eight Million, Nine Hundred and Seventy-Six Thousand and Eight Naira).
Abubakar was arraigned on a two-count charge. The first count accuses him of retaining N795,360,000 in criminal proceeds in an Access Bank account (number 0057310017) held in his name between January and December 2024, in violation of Section 17(a) of the EFCC (Establishment) Act 2004, punishable under Section 17(b) of the Act.
The second count alleges that within the same period, he transferred N303,616,008 in proceeds of crime from the same account to one Suleiman Umar, an offence also charged under Section 17(a) and punishable under Section 17(b) of the Act.
The defendant pleaded not guilty to both counts. Following the plea, prosecution counsel Y.Y. Tarfa asked the court to fix a trial date and requested that the defendant be remanded in a correctional centre. Defence counsel A.M. Aliyu subsequently filed a bail application, which the prosecution did not oppose.
Justice Nwabulu granted Abubakar bail on the condition that he produce two sureties, both of whom must be Level 15 civil servants, with at least one required to own landed property in the Federal Capital Territory.
Pending fulfilment of the bail conditions, the judge ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja. The case was adjourned to September 30, 2026, for commencement of trial.
