The Economic and Financial Crimes Commission has arraigned Mahmud A Abubakar before Justice N C Nwabulu of the Federal Capital Territory High Court, Maitama, Abuja, on a two count charge bordering on retention of proceeds of crime totalling N1,098,976,008.
Prosecutors allege that between January and December 2024, Abubakar retained N795,360,000 in criminal proceeds in his Access Bank account, knowing the funds were derived from criminal conduct, and separately transferred N303,616,008 from the same account to one Suleiman Umar under similar circumstances.
Abubakar pleaded not guilty to both counts, prompting prosecuting counsel Y Y Tarfa to request a trial date and his remand, while defence counsel A M Aliyu filed a bail application that went unopposed by the prosecution.
Justice Nwabulu granted the defendant bail with two sureties, both required to be Level 15 civil servants, with one required to own landed property in the FCT, ordering that he be remanded in Kuje Correctional Centre pending fulfilment of the bail conditions.
The matter was adjourned to September 30, 2026, for commencement of trial.
By Asiwaju Adekunle Saheed
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