A Federal High Court sitting in Ikoyi, Lagos has ordered the remand of one Ibrahim Abubukar over his alleged involvement in a N5 billion money laundering scheme.
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) arraigned Abubukar on Thursday, June 19, 2025, before Justice Alexander Owoeye on a two-count charge bordering on conspiracy to commit stealing and retention of criminal proceeds.
According to the EFCC, the accused conspired with two others, identified as IBRAHIM and Alhaji Kabiru (both currently at large), to retain the sum of N5,000,000,000.00 (Five Billion Naira) suspected to be proceeds of unlawful activity.
One of the counts reads:
“That you, Ibrahim Abubukar, 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 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.”
When the charge was read to him, Abubukar pleaded “not guilty.” Following his plea, prosecuting counsel Bilikisu Buhari-Bala requested the court to fix a trial date and remand the defendant in a correctional facility.
Responding, defence counsel E.C. Nwoko asked the court for a short adjournment to allow him file a formal bail application on behalf of his client.
Justice Owoeye granted the prosecution’s request and ordered that the defendant be remanded at the Nigerian Correctional Services (NCoS), Ikoyi, Lagos.
The case was adjourned till September 25, 2025, for commencement of trial.
