The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court, Maitama, Abuja, over alleged retention and transfer of criminal proceeds totalling ₦1.09 billion.
Abubakar was arraigned on Wednesday, September 2, 2026, before Justice N.C. Nwabulu on a two-count charge bordering on the retention and transfer of proceeds of criminal conduct.
The EFCC alleged that between January and December 2024, the defendant retained ₦795.36 million in his Access Bank account, knowing that the funds were proceeds of criminal activity.
In the second count, the commission alleged that Abubakar transferred ₦303.62 million from the same account to one Suleiman Umar, despite allegedly knowing that the money was derived from criminal conduct.
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.
Abubakar pleaded not guilty to both counts.
Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to adjourn the matter for trial and remand the defendant in a correctional centre.
Defence counsel, A.M. Aliyu, however, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu subsequently granted the defendant bail with two sureties, both of whom must be Level 15 civil servants. The judge further stipulated that one of the sureties must own landed property within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, the court ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.
The judge adjourned the case until September 30, 2026, for commencement of trial.
