The Economic and Financial Crimes Commission, EFCC, has arraigned two men, Ali Bala and Yusuf Umar Anka, before the Lagos State High Court sitting in Ikeja over alleged financial crimes involving £110,000 and N500 million.
The defendants were brought before Justice Olukayode Ogunjobi on 10 counts bordering on money laundering, stealing and retention of stolen property.
The EFCC spokesperson, Dele Oyewale, disclosed this in a statement issued on Friday.
According to the commission, one of the counts accused Bala and Anka of carrying out financial transactions in Lagos in 2025 involving proceeds allegedly obtained through unlawful means.
The EFCC alleged that the transactions were designed to conceal the source of £110,000 said to have been stolen.
Another count specifically alleged that Bala, also known as Barrister Ahmed, and Anka, sometime in 2025 in Lagos, “conducted financial transactions involving proceeds of unlawful activities to disguise the source of the stolen £110,000.00.”
The commission said the alleged offence contravened Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Both defendants pleaded not guilty to all the charges.
Following their pleas, EFCC counsel, H.U. Kofarnaisa, requested an adjournment to enable the prosecution to commence trial and urged the court to order that the defendants be remanded in a correctional facility.
However, counsel to the defendants informed the court that applications seeking their bail had already been filed.
Justice Ogunjobi subsequently fixed September 8 for the hearing of the bail applications and ordered that Bala and Anka remain in EFCC custody pending the hearing.
EFCC arraigns two men over alleged £110,000, N500m fraud in Lagos