EFCC Arraigns Oil Executive, Two Others Over Alleged N691.7m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Abu-Haneefa Oil and Gas Ltd, Musa Farouk Abubakar, his company and a co-defendant before the Federal High Court in Abuja over an alleged N691.7m fraud and money laundering case.

The defendants were arraigned on Wednesday before Justice Obiora Egwuatu of the Federal High Court, Maitama, on an amended 15-count charge bordering on conspiracy, fraud, corruption and money laundering.

According to the EFCC, Abubakar allegedly transferred N297m from Abu-Haneefa Oil and Gas Ltd’s Zenith Bank account to an Access Bank account belonging to Sandra Chizoba Attoh on 21 July 2025, funds the prosecution said he reasonably ought to have known were proceeds of corruption.

The anti-graft agency further alleged that he subsequently procured Attoh to transfer N262.9m from her Access Bank account to an account belonging to Mshell Homes Ltd with Taj Bank for the purchase of a property at Kapital Villa, Guzape, Abuja.

All three defendants pleaded not guilty to the charges.

Following their pleas, prosecution counsel Rita Ogar urged the court to fix a trial date and remand the defendants, maintaining that the prosecution had “overwhelming evidence” against them.

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

Counsel to the third defendant, Y. G. Haruna (SAN), also told the court that he had filed a bail application for his client.

Opposing the applications, Ogar said the prosecution had filed counter-affidavits and urged the court to reject the requests.

Justice Egwuatu ordered that Abubakar be remanded at the Kuje Correctional Centre pending his counsel’s response to the prosecution’s counter-affidavit. The court, however, granted Attoh bail in the sum of N200m with two sureties in like sum.

The judge ruled that the sureties must be Abuja residents and property owners, with one of them being a civil servant not below Grade Level 15.

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