EFCC Arraigns Oil Firm MD, Two Others Over N691m Fraud; Court Remands One, Grants Bail to Another

The Economic and Financial Crimes Commission on Wednesday arraigned Musa Farouk Abubakar, Managing Director of Abu-Haneefa Oil and Gas Ltd, the company itself, and one Sandra Chizoba Attoh before Justice Obiora Egwuatu of the Federal High Court, Maitama, Abuja, over alleged fraud.

The defendants face an amended 15-count charge bordering on conspiracy, corruption, and money laundering involving N691,677,310.

Count 10 alleges that Abubakar, on or about July 21, 2025, transferred N297 million from Abu-Haneefa Oil and Gas Ltd’s Zenith Bank account to Attoh’s Access Bank account. The EFCC said he “reasonably ought to have known” the money was proceeds of corruption, an offence under Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count 11 alleges that Abubakar, sometime in July 2025, procured Attoh to transfer N262,866,310 from her Access Bank account to Mshell Homes Ltd’s Taj Bank account for the purchase of a property at Kapital Villa, Guzape, Abuja. The funds were also allegedly proceeds of corruption, contrary to Section 21(c) of the same Act.

All three defendants pleaded not guilty.

Prosecution counsel Rita Ogar asked the court for a trial date and sought to remand the defendants in a correctional centre.

Ishaka M. Dikko, counsel to Abubakar and the company, told the court he had filed a bail application for Abubakar on May 19, 2026. He said the defence was served with the prosecution’s counter-affidavit on June 1, 2026, and requested that Abubakar be remanded in EFCC custody pending his response. “We apply that the defendant be remanded in the custody of the prosecution,” Dikko said.

Counsel for Attoh, Y.G. Haruna, SAN, said he filed her bail application on June 1, 2026, and received the prosecution’s counter-affidavit on June 2, 2026.

Ogar opposed both bail requests, citing “overwhelming evidence” in the case. She said the prosecution filed a 20-paragraph counter-affidavit with two exhibits, EFCC 1 and EFCC 2, and urged the court to refuse bail.

Justice Egwuatu remanded Abubakar in Kuje Correctional Centre pending his counsel’s response to the prosecution’s counter-affidavit.

The judge granted Attoh bail in the sum of N200 million with two sureties in like sum. The sureties must reside in Abuja, submit passport photographs and valid identification, and own property. One surety must be a civil servant not below Grade Level 15 and must deposit his letter of appointment and last promotion with the court.

The matter was adjourned to September 1 and 2, 2026, for trial.