The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission ( EFCC) has arraigned Abubakar Muhammad before two separate courts in Maiduguri over allegations of money laundering, criminal misappropriation and breach of trust involving the sum of N650m.
Muhammad was arraigned on Wednesday before Justice Shehu Umaru Adamu of the Federal High Court on three counts, and on Thursday before Justice Amina Mustapha Ibrahim of the Borno State High Court on two counts. He pleaded not guilty to all charges when they were read to him.
According to the charge, Muhammad between January 2021 and February 2026 allegedly converted the sum of N650m through accounts domiciled with United Bank for Africa, Taj Bank and Moniepoint Microfinance Bank, under the guise that the funds represented payment for an investment in a mining business he was to manage.
The offence is contrary to Section 18(2)(b) and punishable under Section 15(3) of the Money Laundering (Prevention and Prohibition) Act, 2011.
The EFCC said Muhammad was arrested following a petition alleging that he was entrusted with the sale of Nestlé goods worth N650m but allegedly manipulated sales records and diverted the proceeds for personal use.
At the Borno State High Court sitting, counsel to the defendant, B.G. Zanna, moved a bail application which Justice Ibrahim granted in the sum of N300m with two sureties. One of the sureties must possess a landed property worth at least N400m.
The prosecution counsel, Mukhtar Ali Ahmed, prayed both courts for trial dates and urged the remand of the defendant in EFCC custody.
Both justices adjourned the matter to June 11 and 15, 2026 respectively for commencement of hearing.
