The Economic and Financial Crimes Commission (EFCC) has brought charges against Mahmud A. Abubakar in the Federal Capital Territory High Court in Maitama, Abuja, for his alleged involvement in a N1.09 billion fraud scheme. The charges were officially filed on September 3, 2026, as confirmed by a statement from the EFCC on their X account.

Abubakar is facing a two-count charge related to the retention and transfer of proceeds from criminal activities, amounting to N1,098,976,008. The EFCC claims that between January and December 2024, he retained N795,360,000 in his Access Bank account, fully aware that the funds were derived from illegal activities. The first count against him details this retention, stating that he controlled the funds in his account, which he knew were proceeds of crime.

In addition to the retention charge, the second count alleges that Abubakar transferred N303,616,008 from the same account to an individual named Suleiman Umar, again knowing that the money was obtained through criminal conduct. These actions are said to violate Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act of 2004, with penalties outlined under Section 17(b) of the same legislation.

During the court proceedings, Abubakar pleaded not guilty to both charges. Following his plea, the prosecution, represented by counsel Y.Y. Tarfa, requested a trial date and sought to have Abubakar remanded in a correctional facility. In response, Abubakar's defense attorney, A.M. Aliyu, applied for bail, a request that was not contested by the prosecution.

Justice N.C. Nwabulu granted bail to Abubakar, stipulating that he must provide two sureties. The judge specified that these sureties must be Level 15 civil servants, with one required to own property in the Federal Capital Territory. Until the bail conditions are met, Abubakar has been ordered to remain at the Kuje Correctional Centre in Abuja.

The case has been adjourned, with the next court appearance scheduled for September 30, 2026, to commence the trial proceedings.