Lagos: EFCC re-arraigns two over alleged £110,000, N500m fraud
The Economic and Financial Crimes Commission (EFCC) re-arraigned Ali Bala and Yusuf Anka on Wednesday at the Ikeja Special Offences Court, where they face multiple charges of fraud involving £110,000 and 500 million naira.
The two men appeared before Justice Olubunmi Abike-Fadipe, responding to a 10-count charge that includes money laundering, theft, and the retention of stolen property. Both defendants pleaded not guilty to the allegations.
EFCC prosecutor Mrs. Zainab Buhari informed the court that the accused conspired to commit these offenses in Lagos in 2025. According to Buhari, the defendants engaged in financial transactions utilizing the proceeds of reportedly unlawful activities in an effort to obscure the source of the £110,000.
Additionally, the EFCC has alleged that financial transactions involving 500 million naira also represented the proceeds of illegal activities. These actions reportedly violate Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
Following their pleas, Justice Abike-Fadipe ordered that the defendants remain in EFCC custody pending further proceedings. The court has scheduled the next hearing for December 16.
