EFCC DRAGS TWO TO COURT OVER ALLEGED £110,000, ₦500M FRAUD

The Economic and Financial Crimes Commission has arraigned two men before the Lagos State High Court in Ikeja over alleged financial crimes involving £110,000 and ₦500 million.

Ali Bala, also known as Barrister Ahmed, and Yusuf Umar Anka were arraigned on Friday, September 4, by the EFCC Lagos Zonal Directorate 1 before Justice Olukayode Ogunjobi. They are facing a 10-count charge bordering on money laundering, stealing and retention of stolen property. ([Economic and Financial Crime Commission][1])

According to the EFCC, one of the charges alleges that Bala and Anka conducted financial transactions in Lagos in 2025 involving proceeds of unlawful activities, with the intention of disguising the source of £110,000 allegedly stolen.

The commission said the alleged conduct contravened Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. The case therefore places the movement and concealment of suspected criminal proceeds at the centre of the prosecution.

Both defendants pleaded not guilty to the charges. Following their pleas, EFCC counsel, H.U. Kofarnaisa, requested a trial date and urged the court to remand the defendants in a correctional facility.

Defence counsel informed the court that a bail application was already pending. Justice Ogunjobi subsequently adjourned the matter to September 8, 2026, for hearing of the bail application and ordered that the defendants remain in EFCC custody pending the hearing.

The case highlights the growing enforcement focus on transactions suspected of being used to disguise the origin of illicit funds. From a compliance perspective, the allegations underscore the importance of transaction monitoring, source of funds checks and the ability of financial institutions to identify unusual movements that may indicate attempts to layer or conceal criminal proceeds.

The allegations have not been proven in court, and both defendants remain presumed innocent unless and until convicted.