June 03, (THEWILL) — The Economic and Financial Crimes Commission (EFCC) on Wednesday intensified its anti-corruption and financial crimes drive with the arraignment of an oil and gas executive over an alleged N691.6 million fraud case in Abuja, while a Borno State High Court sentenced a man to 10 years imprisonment for a N2.9 million cryptocurrency-related scam.
In Abuja, the EFCC arraigned the Managing Director of Abu-Haneefa Oil and Gas Ltd, Musa Farouk Abubakar, alongside his company, Abu-Haneefa Oil and Gas Ltd, and Sandra Chizoba Attoh before Justice Obiora Egwuatu of the Federal High Court, Maitama.
The defendants were arraigned on an amended 15-count charge bordering on conspiracy, corruption, and money laundering involving an alleged N691,677,310.
According to the anti-graft agency, one of the charges alleged that Abubakar, on July 21, 2025, transferred N297 million from Abu-Haneefa Oil and Gas Ltd’s Zenith Bank account into Attoh’s Access Bank account, funds which prosecutors alleged formed part of proceeds derived from unlawful activities linked to corruption.
The EFCC also accused Abubakar of procuring Attoh to transfer N262,866,310 from her Access Bank account to Mshell Homes Ltd’s account with Taj Bank for the purchase of a property at Kapital Villa in Guzape, Abuja.
The commission argued that the funds used for the transaction were proceeds of unlawful activities, an act it said violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants pleaded not guilty to the charges.
Following the plea, prosecution counsel, Rita Ogar, requested a trial date and asked the court to remand the defendants to a correctional facility.
Counsel to the first and second defendants, Ishaka M. Dikko, informed the court that a bail application had earlier been filed for Abubakar and requested that his client be remanded in EFCC custody pending the determination of the application.
Similarly, counsel to the third defendant, Y.G. Haruna, SAN, informed the court that a bail application had also been filed on behalf of his client.
Opposing the bail requests, the prosecution argued that it possessed substantial evidence against the defendants and relied on a counter-affidavit and supporting exhibits already filed before the court.
After hearing both sides, Justice Egwuatu ordered that Abubakar be remanded at the Kuje Correctional Centre pending further proceedings.
The court, however, granted bail to Attoh in the sum of N200 million with two sureties in like sum.
The court ruled that the sureties must be Abuja residents and property owners, while one of them must be a civil servant not below Grade Level 15.
Additional conditions include submission of passport photographs, acceptable means of identification, and relevant employment documents.
The matter was adjourned until September 1 and 2, 2026 for trial.
Meanwhile, in Maiduguri, Justice Aisha Kumaliya of the Borno State High Court convicted and sentenced Bukar Ahmed Shuwa to 10 years imprisonment over a N2.95 million cryptocurrency investment fraud.
Shuwa was arraigned by the Maiduguri Zonal Directorate of the EFCC on a one-count amended charge of cheating.
According to the charge, the convict fraudulently induced one Mahmud Ali in 2024 to part with N2,950,000 under the pretext of investing in a Crypto Bitget Wallet Coin scheme.
The prosecution told the court that Shuwa diverted the funds for personal use instead of investing them as promised.
The defendant pleaded guilty to the charge.
Following his guilty plea, prosecution counsel, A.D. Abdulmalik urged the court to convict and sentence him accordingly, while defence counsel, H. Basharu pleaded for leniency, informing the court that the defendant had refunded the money to the complainant.
The defence further requested that the court impose an option of a fine.
Delivering judgment, Justice Kumaliya convicted and sentenced Shuwa to 10 years imprisonment with an option of a N200,000 fine.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
