N5bn money laundering: EFCC docks man over alleged fraud

Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), arraigned one Ibrahim Abubakar before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

According to the Head, Media and Publicity, EFCC, Mr Dele Oyewale, Abubakar was arraigned on a two-count charge bordering on alleged conspiracy to commit stealing and retaining the sum of N5bn.

One of the counts reads: “That you, Ibrahim Abubakar, IBRAHIM (at large) and Alhaji Kabiru (at large), on 2 February 2025, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: retention of the total sum of N5,000,000, 000.00 (Five Billion Naira) in an account nominated by you, ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria Pic., with account number 0224244931, which sum you reasonably ought to have known forms part of the proceeds of your unlawful act, to wit: stealing and you thereby committed an offence contrary to Section 18(a) of the Money Laundering (Prohibition and Prevention Act), 2011 as amended and punishable under Section 15 (2) (d) of the same Act.”

The defendant pleaded “not guilty” to the charges when they were read to him.

Given his plea, prosecuting counsel, Bilikisu Buhari-Bala, asked for a trial date and also urged the court to remand the defendant in a Correctional Centre.

Responding, the defence counsel, E.C. Nwoko, asked the court for a short date to enable him to file his client’s bail application.

Justice Owoeye ordered the defendant to be remanded at the Nigerian Correctional Services (NCoS), Ikoyi, Lagos.

The matter was adjourned till September 25, 2025, for the commencement of trial.