The Economic and Financial Crimes Commission (EFCC) has arraigned one Abubakar Muhammad before two different courts in Maiduguri, Borno State.

He was charged with money laundering, criminal misappropriation, and breach of trust involving the sum of N650 million. The case has attracted attention due to the large amount of money involved.

According to the charges, Abubakar Muhammad allegedly diverted the money which was given to him for investment in a mining business. The funds were moved through several bank accounts. He is accused of converting the money for his personal use, an act the EFCC described as unlawful.

When the charges were read to him in court, Abubakar Muhammad pleaded not guilty. His lawyer asked for bail, while the EFCC prosecutor urged the court to remand him in custody. After listening to both sides, one of the judges granted him bail in the sum of N300 million with two sureties. One of the sureties must have a landed property worth at least N400 million.

The case has been adjourned to June 11 and 15, 2026, for the commencement of hearing. The development is part of the EFCC’s continued effort to tackle financial crimes in different parts of the country. Many residents of Maiduguri have been following the case closely.

This arraignment sends a strong message that large-scale fraud will not be tolerated. The EFCC has assured that it will pursue the matter to its logical conclusion. The outcome of the trial is expected to serve as a deterrent to others involved in similar activities.