EFCC arraigns oil firm boss, two others over alleged N691.7 million fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the Managing Director of Abu-Haneefa Oil and Gas Ltd, Musa Farouk Abubakar, alongside the company and one Sandra Chizoba Attoh before the Federal High Court in Abuja over an alleged N691.7 million fraud.

The defendants appeared before Justice Obiora Egwuatu of the Federal High Court, Maitama, on an amended 15-count charge bordering on conspiracy, corruption and money laundering.According to the anti-graft agency, the alleged offences involve the laundering of N691,677,310, which it claims were proceeds of unlawful activities.

One of the charges alleged that Mr Abubakar, as Managing Director of Abu-Haneefa Oil and Gas Ltd, transferred N297 million from the company’s Zenith Bank account to Ms Attoh’s Access Bank account in July 2025, despite allegedly knowing that the funds were proceeds of corruption.

Another count accused him of procuring Ms Attoh to transfer N262.9 million from her account to Mshell Homes Ltd through Taj Bank for the purchase of a property at Kapital Villa, Guzape, Abuja. The EFCC alleged that the funds used for the transaction were proceeds of unlawful activities.

The defendants pleaded not guilty to all the charges.Following their plea, EFCC counsel Rita Ogar urged the court to fix a trial date and remand the defendants in a correctional facility pending the hearing of their bail applications.

Counsel to the first and second defendants, Ishaka M. Dikko, informed the court that a bail application had been filed on behalf of Mr Abubakar on 19 May and requested that his client be remanded in EFCC custody pending its determination.

“We were served with the counter-affidavit on June 1, 2026, but we apply that the defendant be remanded in the custody of the prosecution,” Mr Dikko said.

Counsel to the third defendant, Y.G. Haruna, SAN, also told the court that he filed a bail application on behalf of his client on 1 June and received the prosecution’s counter-affidavit the following day.

Opposing the bail applications, the prosecution said it had overwhelming evidence against the defendants and urged the court to reject their requests for bail.The prosecution further disclosed that it had filed counter-affidavits supported by documentary exhibits and a written address in opposition to the applications.

After hearing arguments from both parties, Justice Egwuatu ordered that Mr Abubakar be remanded at the Kuje Correctional Centre pending the filing of a response to the prosecution’s counter-affidavit.The judge, however, granted bail to Ms Attoh in the sum of N200 million with two sureties in like sum.

The court ruled that the sureties must be residents of Abuja, provide passport photographs and valid means of identification, and own landed property. One of the sureties must also be a civil servant not below Grade Level 15 and must deposit copies of their letter of appointment and latest promotion letter with the court.

Justice Egwuatu subsequently adjourned the case until 1 and 2 September 2026 for trial.