Lagos, Nigeria – On Thursday, 19 June 2025, the Economic and Financial Crimes Commission (EFCC) arraigned Ibrahim Abubakar before Justice Alexander Owoeye at the Federal High Court in Ikoyi, Lagos, on charges of money laundering involving a staggering N5 billion (£2.5 billion).
Abubakar faces a two-count charge of conspiracy to commit stealing and retaining N5 billion, alongside two others, identified only as Ibrahim and Alhaji Kabiru, who remain at large. The charges stem from an alleged scheme on 2 February 2025, where the trio is accused of funnelling the sum into an account under the name Mohammed Shehu at Union Bank of Nigeria Plc.
According to the EFCC, the funds were retained in a manner that Abubakar and his accomplices “reasonably ought to have known” were proceeds of theft, violating Nigeria’s Money Laundering (Prohibition and Prevention) Act of 2011. The specific charge reads: “That you, Ibrahim Abubakar, IBRAHIM (at large) and Alhaji Kabiru (at large), on 2 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.”
When the charges were read, Abubakar pleaded “not guilty.” Prosecution 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, sought a short adjournment to file a bail application.
Justice Owoeye ordered Abubakar to be held at the Nigerian Correctional Services facility in Ikoyi, Lagos, and adjourned the case until 25 September 2025 for the trial to commence.
