The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday and Thursday, June 3 & 4, 2026 arraigned one Abubakar Muhammad before Justices Shehu Umaru Adamu of the Federal High Court and Amina Mustapha Ibrahim of the Borno State High Court sitting in Maiduguri respectively.
The defendant was arraigned on three and two separate count charges bordering on money laundering, criminal misappropriation and breach of trust to the aggregate sum of N650,000,000.00 (Six Hundred and Fifty Million Naira).
Count one of the charge reads: “That you, Abubakar Muhammad, between January, 2021 to February, 2026, at Maiduguri, Borno State, within the jurisdiction of this honourable court, did commit an offence to wit: directly converts the aggregate sum of N650,000,000.00 (Six Hundred and Fifty Million Naira) via your account numbers; 2270202119, 0003515514 and 5072107609 domiciled with United Bank for Africa Plc, Taj Bank and Moniepoint Microfinance Bank, which you ought to have reasonably known or ought to have known that it forms part of proceeds of an unlawful activity under the guise that the said amount represent payment for a purported investment in mining business which was to be managed by you and thereby committed an offence contrary to Section 18 (2) (b) and punishable under Section 15 (3) of the Money Laundering (Prevention and Prohibition) Act, 2011.”
The defendant pleaded “not guilty” to the charges when they were read to him.
Counsel to the prosecution, Mukhtar Ali Ahmed prayed for a trial date and urged the court to remand the defendant in the EFCC custody. Counsel to the defendant, B.G Zanna moved an application for the bail of the defendant before Justice Ibrahim and thereafter, the judge granted the defendant bail in the sum of N300, 000,000.00 ( Three Hundred Million Naira) with two sureties. One of the sureties must have a landed property worth N400, 000,000.00( Four Hundred Million Naira)
Justices Adamu and Ibrahim adjourned the matter till June 11 and 15, 2026 for commencement of hearing respectively.
Muhammad was arrested when a petitioner alleged that he was entrusted with the sales of Nestle Goods worth N650, 000,000.00 (Six Hundred and Fifty Million Naira) and allegedly manipulated the sales records and diverted the money for his personal use.