The Economic and Financial Crimes Commission (EFCC) has arraigned a man identified as Mahmud Abubakar before a Federal Capital Territory High Court in Abuja over allegations that he retained and transferred proceeds of criminal activities amounting to about N1.09 billion.

Abubakar was docked yesterday before Justice Nwabulu Ngozika of the FCT High Court in Maitama for allegedly retaining N795.36 million in an Access Bank account in his name between January and December 2024, knowing that the funds were proceeds of crime.

He was also alleged to have transferred N303.616 million, also said to be proceeds of criminal conduct, from the account to one Suleiman Umar within the same period, contrary to Section 17(a) of the EFCC (Establishment) Act, 2004, punishable under Section 17(b) of the same Act.

However, the defendant pleaded not guilty to both counts, and following his plea, EFCC counsel, Yamta Tarfa, asked the court for a trial date and to remand the defendant in a correctional facility.

Meanwhile, following an unopposed application by the defence counsel, Justice Nwabulu granted Abubakar bail with two sureties, who must be Level 15 civil servants, with one of them required to own landed property within the Federal Capital Territory.

The court ordered the defendant remanded at the Kuje Correctional Centre pending the fulfilment of the bail conditions, while the case was adjourned until September 30, 2026, for the commencement of trial.