The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), on Thursday, June 19, 2025, arraigned one Ibrahim Abubukar before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
Abubukar was docked on a two-count charge bordering on alleged conspiracy to commit stealing and retention of the sum of N5 billion believed to be proceeds of unlawful activity.
According to the charge sheet, one of the counts reads:
“That you, Ibrahim Abubukar, IBRAHIM (at large) and Alhaji Kabiru (at large), on 2nd February 2025, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: retention of the total sum of N5,000,000,000.00 (Five Billion Naira) in an account nominated by you, ‘Mohammed Shehu’, domiciled in Union Bank of Nigeria Plc., with 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.”
The defendant pleaded not guilty to the charges.
Following his plea, prosecuting counsel, Bilikisu Buhari-Bala, requested a trial date and urged the court to remand the defendant in a correctional facility.
Defence counsel, E.C. Nwoko, however, asked the court for a short adjournment to enable him file a formal bail application on behalf of his client.
Justice Owoeye ordered that the defendant be remanded at the Ikoyi Custodial Centre of the Nigerian Correctional Services (NCoS) and adjourned the matter until September 25, 2025, for commencement of trial.
