The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Mahmud A. 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 before Justice N.C. Nwabulu of the FCT High Court sitting in Maitama on a two-count charge bordering on the alleged retention and transfer of proceeds of crime valued at N1,098,976,008.

The EFCC alleged that the defendant retained N795.36 million in an Access Bank account in his name between January and December 2024, knowing that the funds were proceeds of criminal conduct.

The anti-graft agency further alleged that within the same period, Abubakar transferred N303.616 million, also said to be proceeds of criminal conduct, from the account to one Suleiman Umar.

According to the charge, the alleged offences contravene Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, and are punishable under Section 17(b) of the same Act.

The defendant, however, pleaded not guilty to both counts.

Following his plea, counsel to the EFCC, Y.Y. Tarfa, asked the court to fix a date for trial and remand the defendant in a correctional facility.

Defence counsel, A.M. Aliyu, subsequently moved an application for the defendant’s bail, which was not opposed by the prosecution.

Justice Nwabulu granted Abubakar bail with two sureties, who must both be Level 15 civil servants, with one of them required to own landed property within the Federal Capital Territory.

The court ordered the defendant’s remand at the Kuje Correctional Centre pending the fulfilment of the bail conditions.

Justice Nwabulu adjourned the case until September 30, 2026, for the commencement of trial.