RismadarVoice Reporters
June 4, 2026
The Economic and Financial Crimes Commission (EFCC) has arraigned a Maiduguri-based businessman, Abubakar Muhammad, before separate courts in Borno State over allegations of fraud, money laundering, criminal misappropriation and breach of trust involving N650 million.
Muhammad was arraigned on Wednesday and Thursday before Justice Shehu Umaru Adamu of the Federal High Court and Justice Amina Mustapha Ibrahim of the Borno State High Court, both sitting in Maiduguri.
According to the EFCC, the defendant faces multiple charges linked to the alleged diversion of N650 million entrusted to him through a mining investment arrangement.
One of the charges alleged that between January 2021 and February 2026, Muhammad converted funds amounting to N650 million through accounts maintained with United Bank for Africa, Taj Bank and Moniepoint Microfinance Bank, despite allegedly knowing that the money was connected to unlawful activities.
The anti-graft agency further alleged that the funds were presented as proceeds from a mining investment business he was expected to manage.
Muhammad pleaded not guilty to all charges when they were read in court.
Following his plea, prosecution counsel, Mukhtar Ali Ahmed, requested trial dates and urged the courts to remand the defendant in EFCC custody pending the commencement of proceedings.
However, defence counsel, B.G. Zanna, filed a bail application before the Borno State High Court.
Justice Ibrahim subsequently granted the defendant bail in the sum of N300 million with two sureties. The court ruled that one of the sureties must own landed property valued at not less than N400 million.
The Federal High Court and the Borno State High Court adjourned the matters to June 11 and June 15, 2026, respectively, for the commencement of hearing.
The EFCC said Muhammad was arrested following a petition alleging that he was entrusted with the sale of Nestlé products valued at N650 million but allegedly manipulated sales records and diverted the proceeds for personal use. The commission said investigations into the matter led to the filing of the charges.
