EFCC Charges Oil Magnate Abubakar In ₦691 Million Fraud Case

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

Judicial proceedings on Wednesday revealed that Abubakar was arraigned alongside Abu-Haneefa Oil and Gas Limited and Sandra Chizoba Attoh before Justice Obiora Egwuatu on an amended 15-count charge bordering on conspiracy, fraud, corruption and money laundering.

Court documents presented by the anti-graft agency alleged that in July 2025, Abubakar transferred ₦297 million from the account of Abu-Haneefa Oil and Gas Limited domiciled with Zenith Bank into an Access Bank account belonging to Attoh. The EFCC maintained that the funds were suspected proceeds of corrupt activities.

The commission further alleged that later that month, Attoh, acting on Abubakar’s instructions, moved ₦262.9 million from her Access Bank account to an account belonging to Mshell Homes Limited with Taj Bank. Investigators claimed the funds were subsequently used to acquire a property located at Kapital Villa in the Guzape area of Abuja and were linked to unlawful activities.

Upon the reading of the charges, all three defendants pleaded not guilty to the allegations.

Following the plea, prosecution counsel Rita Ogar requested the court to fix a trial date and remand the defendants pending the determination of the case.

Counsel to Abubakar and Abu-Haneefa Oil and Gas Limited, Ishaka M. Dikko, informed the court that a bail application had already been filed on behalf of the first defendant on May 19, 2026. He stated that the defence had received the prosecution’s response and appealed to the court to allow his client remain in EFCC custody while the application was being considered.

Similarly, Attoh’s counsel, Y. G. Haruna (SAN), told the court that a bail application had been submitted on June 1 and that the prosecution’s response was received the following day.

Opposing the applications, the EFCC argued that it possessed substantial evidence against the defendants. The prosecution noted that it had filed counter-affidavits backed by documentary exhibits and urged the court to decline the requests for bail.

After listening to arguments from both parties, 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 court, however, granted Attoh bail in the sum of ₦200 million with two sureties in like amount. The judge ruled that the sureties must be residents of Abuja, provide valid means of identification and passport photographs, and own landed property. One of the sureties must also be a civil servant not below Grade Level 15 and present evidence of appointment and latest promotion documents.

The matter was subsequently adjourned to September 1 and 2, 2026, for the commencement of trial.