For alleged conspiracy to commit stealing and retaining the sum of N5 billion, proceeds of your illicit act, the Economic and Financial Crimes Commission (EFCC) has arraigned one Ibrahim Abubakar before a Federal High Court, Abuja.
Abubakar was arraigned before Justice Alexander Owoeye over an allegation bordering on fraud of the sum of N5 billion by the EFCC.

The prosecution counsel, Mrs Bilikisu Buhari-Bala, told the court that the defendant, alongside one Ibrahim and Alhaji Kabiru, said to be at large committed the acts on February 2, 2025, in Lagos.

The anti-graft body alleged that the defendant retained the money (N5 billion) part of the money fraudulently removed from a Bank account number 0224244931, whose holder is one Mohammed Shehu, provided by him.

The prosecutor told the court that the defendant’s actions were 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.

She also told the court that the defendant’s actions contravened section 15(2)(d) of the Money Laundering (Prohibition and Prevention Act), 2011 as amended and punishable under section 15 (3) of the same Act.

But the defendant denied the allegation and pleaded not guilty to the charge.

Following his not-guilty plea, the prosecutor asked for a trial date and urged the court to remand the defendant to the Correctional center pending the conclusion of the charge against him.
The defendant’s counsel, E. C. Nwoko, asked the court for a short date to enable him to file his client’s bail application.

Justice Owoeye subsequently adjourned the matter to September 25, for trial.

The judge ordered that the defendant be remanded at the Ikoyi center of the Nigerian Correctional Services (NCoS), however, told the defendant’s lawyer to apply for abridgement of time once his client’s bail application is ready.