The Economic and Financial Crimes Commission (EFCC) has arraigned Mahmud Abubakar before the Federal Capital Territory High Court in Abuja over alleged retention and transfer of criminal proceeds totalling about N1.09 billion.
Abubakar was arraigned on Wednesday before Justice Nwabulu Ngozika at the Maitama division of the FCT High Court on two counts bordering on alleged proceeds of crime.
The EFCC alleged that Abubakar retained N795.36 million in an Access Bank account in his name between January and December 2024, knowing that the funds were proceeds of crime.
He was also accused of transferring N303.616 million from the account to one Suleiman Umar within the same period, with the funds allegedly representing proceeds of criminal conduct.
The charges were brought under Section 17(a) of the EFCC (Establishment) Act, 2004, punishable under Section 17(b) of the same Act.
Abubakar pleaded not guilty to both counts.
Following his plea, EFCC counsel, Yamta Tarfa, asked the court to fix a date for trial and remand the defendant in a correctional facility.
However, the defence counsel filed an unopposed bail application, which Justice Nwabulu granted.
The court granted Abubakar bail with two sureties, both of whom must be Level 15 civil servants. One of the sureties must also own landed property within the Federal Capital Territory.
Justice Nwabulu ordered that the defendant remain at the Kuje Correctional Centre pending fulfilment of the bail conditions.
The court adjourned the case until September 30, 2026, for commencement of trial.
The allegations against Abubakar remain unproven unless established in court.
