By Adebola Muili
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday arraigned two men, Ali Bala and Yusuf Umar Anka, before the Lagos State High Court sitting in Ikeja over alleged fraud involving £110,000 and N500 million.
The defendants were arraigned before Justice Olukayode Ogunjobi on a 10-count charge bordering on money laundering, stealing and retention of stolen property.
The EFCC alleged that the defendants committed the offences in Lagos in 2025, including allegedly conducting financial transactions to disguise the source of £110,000 said to be proceeds of unlawful activities.
One of the counts alleged that Bala, also known as Barrister Ahmed, and Anka “conducted financial transactions involving proceeds of your unlawful activities to disguise the source of the stolen £110,000.00.”
The alleged offence was said to be contrary to Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The defendants pleaded not guilty to the charges.
Following their pleas, prosecution counsel, H.U. Kofarnaisa, urged the court to adjourn the matter for trial and order that the defendants be remanded in a correctional facility.
Defence counsel, however, informed the court of a pending bail application.
In his ruling, Justice Ogunjobi adjourned the matter until September 8, 2026, for hearing of the bail application.
The judge also ordered that the defendants be remanded in EFCC custody pending the hearing of the application.
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