The Economic and Financial Crimes Commission has arraigned Mahmud A. Abubakar before an FCT High Court in Maitama over allegations involving about ₦1.09 billion said by prosecutors to be proceeds of criminal conduct.
Abubakar appeared before Justice N.C. Nwabulu on September 2, 2026, on two counts relating to the alleged retention and transfer of funds.
He pleaded not guilty.
According to the prosecution case reported from court, the EFCC alleged that Abubakar retained ₦795.36 million and transferred another ₦303.616 million.
The two amounts total ₦1,098,976,008.
The allegations have not been proven.
What the EFCC Is Alleging
The prosecution alleges that the money represented proceeds of criminal conduct and that Abubakar retained and transferred the funds in circumstances it says violated the law.
The ₦1.09 billion figure is therefore the aggregate value cited in the two charges.
It is not a judicial finding that ₦1.09 billion was stolen, diverted, lost to government or recovered by the EFCC.
Those allegations remain for the prosecution to establish before the court.
Defendant Pleads Not Guilty
Abubakar pleaded not guilty to both counts.
His defence counsel applied for bail, and the prosecution did not oppose the application.
The court granted bail with two sureties who must be civil servants on Grade Level 15.
One of the sureties is required to own property within the Federal Capital Territory.
The court ordered that Abubakar remain at the Kuje Correctional Centre pending fulfilment of the bail conditions.
Bail does not amount to acquittal.
Arraignment also does not establish guilt.
Trial Fixed for September 30
Justice Nwabulu adjourned the matter to September 30, 2026, for trial.
The court process will determine whether the prosecution can prove the charges.
For now, Abubakar has been charged, he has entered a not-guilty plea, and no criminal finding has been made against him.
Why the Case Matters
The case carries public-interest value because of the size of the transactions alleged by the EFCC and the questions the prosecution must answer about the source, movement and character of the funds.
Those questions now belong to the court process.
Until the evidence is tested, the strongest safe position is that the EFCC has brought a two-count case involving about ₦1.09 billion in alleged proceeds of criminal conduct and that Abubakar denies the allegations.