EFCC arraigns alleged money launderer over stealing of N5 billion

The Economic and Financial Crimes Commission has arraigned Ibrahim Abubakar before the Ikoyi Division of the Federal High Court for money laundering.
Mr Abubakar was arraigned on a two-count charge of money laundering and stealing of N5 billion.
The anti-graft agency alleged that Mr Abubakar and his co-conspirator Alhaji Kabiru, on February 2, 2025, conspired to steal N5 billion in an account in the name of ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria, with an account number 0224244931 “which sum you reasonably ought to have known forms part of the proceeds of your unlawful act, to wit: stealing and you thereby committed an offence 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.”
Mr Abubakar pleaded “not guilty” to the charges.
Following Mr Abubakar’s plea, the prosecution counsel, Bilikisu Buhari-Bala, urged the court to remand the defendant in prison custody and requested a trial date.
Meanwhile, the defence counsel, E.C. Nwoko, requested a short adjournment to file his client’s bail application.
The trial judge, Alexander Owoeye, however, rejected the application by the defence counsel and ordered that Mr Abubakar be remanded at the Ikoyi Prisons and adjourned the case until September 25 for the commencement of trial.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Politics
INEC fixes September 19 for by-elections in four states
The Independent National Electoral Commission has fixed September 19 for five by-elections in four states. The states are Gombe, Kano, Bauchi and Delta.

Uncategorized
Nigeria offers two savings bonds for subscription at N1,000 per unit
The Debt Management Office has announced two federal government savings bonds for subscription at N1,000 per unit.

Opinion
Mfon Ekpo: Olodo Uprising and the knowledge we fail to see
The Olodo Uprising challenges how we define and recognise intelligence when it appears in unfamiliar forms.

States
SSTA urges Sokoto, Katsina, Zamfara governors to protect mass transit against bandits
SSTA has appealed to the governors of Sokoto, Katsina, and Zamfara to join hands to protect inter-state transport vehicles from bandit attacks.

Anti-Corruption
INEC raises alarm over scammers demanding money for election results, employment
The Independent National Electoral Commission has cautioned the public against individuals circulating fake appointment and nomination letters they claim INEC issued.

Politics
Adamawa assembly passes bill on gratuity, death benefits for emirs, chiefs
The Adamawa House of Assembly has passed a bill seeking to provide gratuity and death benefits for emirs and chiefs.





