EFCC Arraigns Man Over Alleged N5 Billion Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned one Ibrahim Abubakar before the Federal High Court in Lagos over an alleged N5 billion fraud. Abubakar is facing a two-count charge bordering on conspiracy to steal and retention of proceeds of unlawful activity.

The charges were presented before Justice Alexander Owoeye. According to the EFCC’s counsel, Mrs. Bilikisu Buhari-Bala, Abubakar allegedly conspired with two other individuals, identified as Ibrahim and Alhaji Kabiru, who are currently at large, to commit the offence. The prosecution stated that the alleged crime took place on February 2, 2025, in Lagos State.

The anti-graft agency specifically accused the defendant of fraudulently retaining the substantial sum of N5 billion in a Union Bank account, number 0224244931, which was registered in the name of one Mohammed Shehu, whom Abubakar allegedly nominated. The EFCC further alleged that these funds are proceeds from an illicit operation involving the theft from a bank.

The offences are said to contravene Sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2011 (as amended), and are punishable under Sections 15(2)(d) and 15(3) of the same Act.

Upon the reading of the charges, Ibrahim Abubakar pleaded not guilty. Following his plea, the EFCC prosecutor requested a trial date and urged the court to remand the defendant in a correctional facility pending the conclusion of the case.

In response, the defense counsel, E. C. Nwoko, asked for a short adjournment to allow him to file a formal bail application for his client. Justice Owoeye subsequently adjourned the matter to September 25, 2025, for trial. He ordered that Abubakar be remanded at the Ikoyi Correctional Centre, while advising the defense counsel to apply for an abridgement of time once the bail application is ready.