EFCC Arraigns Man Over Alleged £3.5m Fraud In Lagos.
The Economic and Financial Crimes Commission (EFCC) has arraigned Ibrahim Abubakar before the Federal High Court in Lagos for an alleged fraud involving a staggering N5 billion (£3.5 million). The case, which unfolded on Thursday, 19 June 2025, has drawn significant attention as part of the EFCC’s ongoing efforts to combat financial misconduct in Nigeria.
Abubakar appeared before Justice Alexander Owoeye, facing a two-count charge of conspiracy to steal and unlawful retention of criminal proceeds. According to the EFCC, the defendant was involved in a scheme that defrauded victims of N5 billion through illicit financial activities. The commission’s counsel, Mrs. Bilikisu Buhari-Bala, informed the court that the prosecution was prepared to proceed with the arraignment, pending the court’s convenience.
During the hearing, Abubakar entered a not guilty plea to the charges. The EFCC requested a trial date and sought to have the defendant remanded in a correctional facility pending further proceedings. The court’s decision on this request was not disclosed at the time of reporting, but the case is expected to proceed with further hearings to establish the facts of the allegations.
The EFCC’s crackdown on financial crimes has intensified in recent months, with several high-profile cases making headlines across Nigeria. The arraignment of Abubakar follows a string of similar actions, including the recent arrest of 15 former Plateau State lawmakers, including ex-Speaker Moses Thomas Sule, over an alleged N2.5 billion scam, and the prosecution of an oil magnate in Port Harcourt for a N750 million fraud. These efforts underscore the commission’s commitment to tackling corruption and economic crimes that undermine Nigeria’s financial stability.
The case has sparked public interest, with many Nigerians expressing hope that justice will be served. “Such cases show that no one is above the law,” said Tunde Adeyemi, a Lagos-based accountant. “We need to see more accountability to restore trust in our financial systems.”
As the trial progresses, the EFCC has reiterated its resolve to pursue justice and recover illicit funds. The commission has urged the public to remain vigilant and report suspicious financial activities to aid its efforts in curbing fraud across the country.