EFCC Arraigns Oil Magnate Abubakar Over ₦691 Million Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Abu-Haneefa Oil and Gas Limited, Musa Farouk Abubakar, before the Federal High Court in Abuja over an alleged fraud and money laundering case involving ₦691.7 million.

Naija News reports that Abubakar was arraigned alongside his company, Abu-Haneefa Oil and Gas Limited, and Sandra Chizoba Attoh before Justice Obiora Egwuatu on Wednesday.

The defendants are facing an amended 15-count charge linked to conspiracy, fraud, corruption and money laundering.

According to the charges filed by the anti-graft agency, Abubakar allegedly transferred ₦297 million from the account of Abu-Haneefa Oil and Gas Limited with Zenith Bank to an Access Bank account belonging to Attoh in July 2025. The EFCC claimed that the funds were suspected proceeds of corruption.

The commission also alleged that later in the same month, Abubakar arranged for Attoh to move ₦262.9 million from her Access Bank account to an account belonging to Mshell Homes Limited with Taj Bank.

Investigators said the money was used to acquire a property located at Kapital Villa in Guzape, Abuja, and maintained that the funds were connected to unlawful activities.

When the charges were read in court, the three defendants denied all allegations and entered not guilty pleas.

Following the plea, EFCC lawyer Rita Ogar requested a trial date and asked the court to remand the defendants in a correctional facility pending the hearing of the case.

Counsel to Abubakar and his company, Ishaka M. Dikko, informed the court that a bail application had already been filed on May 19, 2026, on behalf of the first defendant.

He also told the court that the defence had received the prosecution’s response to the application and requested that his client be kept in EFCC custody while the matter was being considered.

The lawyer representing Attoh, Y. G. Haruna (SAN), also informed the court that he had submitted a bail application for his client on June 1 and received the prosecution’s response the following day.

Opposing the bail requests, the EFCC argued that it possessed strong evidence against the defendants.

The prosecution said it had filed counter-affidavits supported by documentary exhibits and urged the court to reject the applications.

After hearing submissions from both sides, Justice Egwuatu ordered that Abubakar be remanded at the Kuje Correctional Centre pending further proceedings and until his legal team responds to the prosecution’s counter-affidavit.

The judge, however, granted bail to Attoh in the sum of ₦200 million with two sureties in the same amount.

He ruled that the sureties must live in Abuja, provide passport photographs and valid means of identification.

They must also own property, while one of them must be a civil servant of at least Grade Level 15 and submit proof of appointment and latest promotion documents to the court.

The case was adjourned until September 1 and 2, 2026, for the commencement of trial.