By: Manoah Kikekon
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| Naira |
The Economic and Financial Crimes Commission (EFCC) has dragged Ibrahim Abubakar before the Federal High Court in Ikoyi, Lagos, over allegations of money laundering and the theft of a staggering N5 billion.
Abubakar faces a two-count charge for conspiracy and money laundering, linked to the illegal transfer of funds from a Union Bank account belonging to one "Mohammed Shehu" (Account No: 0224244931).
The EFCC claims that on February 2, 2025, Abubakar and his alleged accomplice, Alhaji Kabiru, siphoned the massive sum funds suspected to be proceeds of criminal activity.
The charges fall under Section 18(a) of the Money Laundering (Prohibition and Prevention) Act, 2011 (as amended), punishable under Section 15(2)(d) of the same law.
In court, Abubakar pleaded "not guilty" to the charges. The prosecution, led by Bilikisu Buhari-Bala, demanded his remand in prison custody and requested an immediate trial date.
However, the defense counsel, E.C. Nwoko, sought an adjournment to file a bail application. Justice Alexander Owoeye rejected the request, ordering Abubakar’s remand at Ikoyi Correctional Centre and adjourning the case to September 25, 2025, for trial commencement.