The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Abubakar Muhammad, before both the Federal High Court and the Borno State High Court in Maiduguri over allegations of money laundering, criminal misappropriation, and breach of trust involving N650 million.
Muhammad was brought before Justice Shehu Umaru Adamu of the Federal High Court on Wednesday and Justice Amina Mustapha Ibrahim of the Borno State High Court on Thursday on separate charges filed by the Maiduguri Zonal Directorate of the anti-graft agency.
The charges stem from allegations that the defendant unlawfully converted and diverted N650 million entrusted to him in connection with a business arrangement.
According to the EFCC, Muhammad allegedly channelled the funds through multiple bank accounts domiciled with United Bank for Africa (UBA), Taj Bank and Moniepoint Microfinance Bank between January 2021 and February 2026.
Prosecutors alleged that the transactions were disguised as proceeds from a mining investment venture purportedly managed by the defendant, despite the funds allegedly originating from unlawful activities.
The Commission further accused Muhammad of misappropriating money generated from the sale of goods entrusted to him and using the proceeds for personal purposes.
When the charges were read in court, the defendant pleaded not guilty.
Following his plea, EFCC counsel, Mukhtar Ali Ahmed, requested dates for trial and urged the court to remand the defendant pending the commencement of proceedings.
However, counsel to the defendant, B.G. Zanna, filed a bail application before Justice Ibrahim and urged the court to grant his client temporary freedom pending trial.
In her ruling, Justice Ibrahim admitted Muhammad to bail in the sum of N300 million with two sureties in like sum.
The court stipulated that one of the sureties must own landed property valued at not less than N400 million.
The two courts subsequently adjourned the matters to June 11 and June 15, 2026, respectively, for the commencement of hearing.
According to the EFCC, investigations were launched after a petition alleged that Muhammad had been entrusted with the sale of Nestlé products worth N650 million. The petitioner claimed that the defendant manipulated sales records and diverted the proceeds for personal use, prompting the Commission’s intervention and eventual prosecution.
