EFCC Arraigns Two Over Alleged N500m Theft, £110,000 Money Laundering
The EFCC has arraigned two men, Ali Bala, also known as Barrister Ahmed, and Yusuf Umar Anka, over alleged theft, money laundering and retention of stolen property involving £110,000 and N500 million.
The suspects were arraigned on Wednesday, October 7, 2026, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission before Justice Olubunmi Abike-Fadipe of the Special Offences Court in Ikeja, Lagos.
They are facing a 10-count charge arising from alleged financial crimes committed in Lagos in 2025.
In one of the counts, the EFCC alleged that Bala and Anka conducted financial transactions involving proceeds of unlawful activities in an attempt to disguise the source of £110,000 allegedly stolen.
The commission further alleged that the defendants, between July and August 2025, converted N500 million belonging to Salihu Muhammed to their personal use.
The alleged offence contravenes Sections 280(1)(a) and 287 of the Criminal Law of Lagos State, 2011.
The defendants pleaded not guilty to all the charges.
Following their pleas, EFCC counsel, Bilikisu Buhari, asked the court to set a trial date and remand the defendants in a correctional facility.
However, lawyers to the defendants, M. Abubakar and S. Makinde, indicated that they would explore a plea bargain while their clients’ bail applications were pending.
Justice Fadipe subsequently adjourned the case until December 16, 2026, for trial and hearing of the bail applications.
The court ordered that the defendants remain in a correctional facility until the next hearing.
