The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court, Maitama, Abuja, over alleged retention and transfer of criminal proceeds totalling N1.09 billion.
Abubakar was arraigned on Wednesday, September 2, 2026, before Justice N.C. Nwabulu on a two-count charge under Section 17(a) of the EFCC Establishment Act, 2004.
The EFCC alleged that between January and December 2024, the defendant retained N795.36 million in his Access Bank account, knowing that the funds were proceeds of criminal conduct.
The anti-graft agency further alleged that Abubakar transferred another N303.62 million from the same account to one Suleiman Umar, with knowledge that the money was derived from criminal activity.
The defendant pleaded not guilty to the two counts.
Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to remand Abubakar in a correctional centre and fix a date for trial. Defence counsel, A.M. Aliyu, however, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu granted the defendant bail with two sureties, both of whom must be Level 15 civil servants. One of the sureties must also own landed property within the Federal Capital Territory.
The court ordered that Abubakar be remanded at the Kuje Correctional Centre pending the fulfilment of the bail conditions.
The case was adjourned until September 30, 2026, for commencement of trial.
