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.