EFCC re-arraigns two over alleged £110,000, N500m fraud

The Economic and Financial Crimes Commission, EFCC, on Wednesday re-arraigned two men, Ali Bala and Yusuf Anka, before an Ikeja Special Offences Court over alleged fraud involving £110,000 and N500 million.

The defendants were brought before Justice Olubunmi Abike-Fadipe on a 10-count charge bordering on money laundering, stealing and retention of stolen property.

Both men pleaded not guilty to the charges.

EFCC counsel, Mrs Zainab Buhari, told the court that the defendants allegedly conspired to commit the offences in Lagos in 2025.

Buhari alleged that the defendants carried out financial transactions involving proceeds of unlawful activities in an attempt to conceal the source of £110,000 allegedly stolen.

The anti-graft agency further accused the defendants of engaging in financial transactions involving N500 million, which it said represented proceeds of unlawful activities.

The EFCC said the alleged offences contravened Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Following their pleas, Justice Abike-Fadipe ordered that the defendants remain in EFCC custody pending further proceedings.

The court adjourned the matter until December 16 for further proceedings.