The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Ibrahim Abubakar, for allegedly stealing and laundering N5 billion.
The EFCC brought Mr Abubakar before the Federal High Court in Ikoyi, Lagos, on Friday. He faces two counts of money laundering and theft.
According to the EFCC, Mr Abubakar and another suspect, Alhaji Kabiru (who is still at large), allegedly conspired to steal N5 billion from an account at Union Bank on February 2, 2025. The account was in the name of ‘Mohammed Shehu’ with account number 0224244931.
The EFCC said the money was suspected to be proceeds of an unlawful act.
“You reasonably ought to have known that the money was part of the proceeds of your unlawful act, to wit: stealing,” the charge sheet stated.
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Mr Abubakar pleaded not guilty to the charges.
Following his plea, EFCC lawyer Bilikisu Buhari-Bala asked the court to send the defendant to prison and set a trial date.
“We urge the court to remand the defendant in custody pending the commencement of trial,” she said.
However, Mr Abubakar’s lawyer, E.C. Nwoko, asked the court to give him time to file a bail application for his client.
Judge Alexander Owoeye rejected the defence’s request and ordered that Mr Abubakar be remanded at Ikoyi Prisons.
The judge adjourned the case to September 25 for the start of the trial.