EFCC RE-ARRAIGNS TWO OVER ALLEGED £110,000, N500M FRAUD

October 7, 2026

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By Aishat Momoh. O.

The Economic and Financial Crimes Commission has re-arraigned two men, Ali Bala and Yusuf Umar Anka, before the Lagos State Special Offences Court, Ikeja, over alleged financial crimes involving £110,000 and N500 million.

The defendants were re-arraigned before Justice Olubunmi Abike-Fadipe on a 10-count charge bordering on money laundering, stealing and retention of stolen property.

They pleaded not guilty to the charges.

One of the counts alleged that Bala, also known as Barrister Ahmed, 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 EFCC alleged that the offence contravened Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The anti-graft agency further alleged that the defendants were involved in financial transactions involving N500 million, which it said represented proceeds of unlawful activities.

Following their pleas, Justice Abike-Fadipe ordered that the defendants remain in EFCC custody pending further proceedings.

The court subsequently adjourned the matter until December 16, 2026, for further proceedings.