ABUJA, Nigeria — The Economic and Financial Crimes Commission (EFCC) has arraigned oil executive Musa Farouk Abubakar, his company, Abu-Haneefa Oil and Gas Ltd, and business associate Sandra Chizoba Attoh over an alleged N691.7 million fraud and money laundering scheme.
Okay News reports that the defendants appeared before Justice Obiora Egwuatu of the Federal High Court in Abuja on a 15-count amended charge involving allegations of conspiracy, corruption, fraud, and money laundering. Prosecutors accused Abubakar of transferring hundreds of millions of naira believed to be proceeds of unlawful activities through multiple bank accounts and property transactions.
According to the EFCC, one of the charges alleges that nearly N297 million was transferred from Abu-Haneefa Oil and Gas Ltd to Attoh’s account in July 2025. Another count claims that more than N262 million was subsequently used to purchase property in Abuja through a separate company. The anti-graft agency maintains that the funds were linked to alleged corrupt practices.
The three defendants pleaded not guilty to the charges. Prosecutors urged the court to deny bail, arguing that they possess substantial evidence to support the case. Defence lawyers, however, sought bail for their clients and requested that appropriate conditions be considered pending trial.
Justice Egwuatu ordered that Abubakar be remanded at the Kuje Correctional Centre pending further proceedings. Attoh was granted bail in the sum of N200 million with strict conditions, including two Abuja-based sureties and proof of property ownership. The court adjourned the case until September 1 and 2, 2026, for the commencement of trial.
