EFCC FRAUD SWEEP: ₦1.1BN MONEY TRAIL, CYBER CASES HIT ABUJA COURTS

• The EFCC has taken fresh fraud cases before Abuja courts, with allegations ranging from retention of more than ₦1 billion in suspected criminal proceeds to obtaining millions of naira by false pretence.

The Economic and Financial Crimes Commission is intensifying its prosecution of alleged financial crimes in Abuja, with recent arraignments placing suspicious fund movements, fraud proceeds and account transfers under judicial scrutiny.

In one case, the EFCC arraigned Mahmud A. Abubakar before the Federal Capital Territory High Court in Maitama over allegations involving ₦1.099 billion in suspected proceeds of criminal conduct.

The commission alleged that Abubakar retained ₦795.36 million in an Access Bank account and transferred another ₦303.62 million to an individual identified as Suleiman Umar. He pleaded not guilty. The court granted bail subject to conditions and adjourned the matter to September 30 for trial.

In another Abuja case, the EFCC arraigned Idris Gana Mohammed over an alleged ₦6.85 million fraud involving payment for a Toyota Camry that was allegedly neither delivered nor refunded. Mohammed also pleaded not guilty, and the court adjourned the case to September 24 for trial.

The cases highlight a recurring compliance pressure point for banks and other financial institutions: tracing the origin and movement of suspicious funds, preserving transaction records and responding effectively to investigative demands.

For financial institutions, the legal proceedings also underline the importance of customer due diligence, transaction monitoring and escalation where account activity appears inconsistent with a customer’s known profile.

The arraignments remain allegations, and the defendants are presumed innocent until proven guilty by the courts.

The broader enforcement message is clear: when suspicious money moves through the banking system, investigators are increasingly following the transaction trail into the courtroom