The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Mahmud Abubakar before the Federal Capital Territory High Court in Maitama, Abuja, over alleged retention and transfer of proceeds of criminal activity totalling N1.09 billion.
Abubakar was arraigned before Ngozika Nwabulu on a two-count charge bordering on the retention and transfer of proceeds allegedly derived from criminal conduct.
The anti-graft agency alleged that between January and December 2024, Abubakar retained N795.36 million in his Access Bank account, number 0057310017, despite allegedly knowing that the funds were proceeds of criminal activity.
In the second count, the EFCC alleged that the defendant transferred another N303.62 million from the same account to one Suleiman Umar during the same period.
The commission said the alleged offences contravened Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and were punishable under Section 17(b) of the 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 pending the determination of the case.
However, A.M. Aliyu, defence counsel, filed a bail application, which was not opposed by the prosecution.
Nwabulu subsequently granted the defendant bail, subject to stringent conditions.
The judge ordered Abubakar to provide 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.
Pending the fulfilment of the bail conditions, the court ordered that the defendant be remanded at the Kuje…
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Read Full Article by Ojochenemi Onje at businessday.ng
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