The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged N1.09 billion criminal proceeds case.
Abubakar was arraigned on Wednesday, September 2, 2026, before Justice N.C. Nwabulu on a two-count charge bordering on the retention and transfer of proceeds allegedly derived from criminal conduct.
The charges involve a total sum of N1,098,976,008.
According to the EFCC, the defendant allegedly retained N795,360,000 in his Access Bank account, number 0057310017, between January and December 2024, knowing that the money was proceeds of criminal conduct.
The first count was said to be 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.
In the second count, the EFCC alleged that Abubakar transferred N303,616,008 from the same Access Bank account to one Suleiman Umar during the same period.
The Commission alleged that the defendant knew the money transferred was derived from criminal conduct, thereby committing an offence contrary to the provisions of the EFCC Act.
Abubakar pleaded not guilty to both counts.
Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to fix a date for trial and remand the defendant in a correctional centre.
However, defence counsel, A.M. Aliyu, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu subsequently granted the defendant bail with two sureties, who must both be Level 15 civil servants.
The court further stipulated that one of the sureties must be the owner of landed property within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, Justice Nwabulu ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.
The court adjourned the case until September 30, 2026, for commencement of trial.