EFCC Re-Arraigns Two Over Alleged £110,000 Money Laundering, ₦500m Fraud

EFCC Re-Arraigns Two Over Alleged £110,000 Money Laundering, ₦500m Fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned two men, Ali Bala, also known as Barrister Ahmed, and Yusuf Umar Anka, over alleged financial crimes involving £110,000 and ₦500 million in Lagos.

The defendants were brought before Justice Olubunmi Abike-Fadipe of the Lagos State Special Offences Court sitting in Ikeja on Wednesday.

They are facing a 10-count charge bordering on money laundering, stealing and retention of stolen property. Both defendants pleaded not guilty to the charges.

The EFCC alleged that Bala and Anka, sometime in 2025 in Lagos, conducted financial transactions involving proceeds of unlawful activities in an attempt to disguise the source of £110,000 allegedly stolen.

The commission also alleged that the defendants were involved in financial transactions involving ₦500 million, which it described as proceeds of unlawful activities.

The alleged money laundering offence was said to contravene Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

READ ALSO:

• Three Killed, 36 Injured as Houthi Attacks Hit Saudi Airports
• Bandits Kill Three in Fresh Attack on Kebbi Community
• Ronaldo Pays Emotional Tribute to Messi After Argentina Farewell

Another allegation cited in reports from the proceedings was that Bala and Anka converted ₦500 million belonging to Salihu Muhammed to their personal use between July and August 2025. The alleged offence was said to contravene Sections 280(1)(a) and 287 of the Criminal Law of Lagos State, 2011.

Following their pleas, EFCC prosecution counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand the defendants in a correctional facility.

Defence lawyers, however, indicated that their clients were interested in plea bargaining while their bail applications were pending.

Justice Abike-Fadipe subsequently adjourned the matter until December 16, 2026, for further proceedings and hearing of the bail applications.

The judge also ordered that the defendants remain in custody pending the next proceedings.

The allegations against Bala and Anka have not been proven in court. Both defendants pleaded not guilty and remain presumed innocent unless convicted by a competent court.

EFCC Re-Arraigns Two Over Alleged £110,000 Money Laundering, ₦500m Fraud