EFCC re-arraigns two over alleged £110,000 theft, N500m fraud
EFCC
Abdullateef Fowewe
The Economic and Financial Crimes Commission (EFCC) on Wednesday, re-arraigned Ali Bala (also known as Barrister Ahmed) and Yusuf Umar Anka before Justice Olubunmi Abike-Fadipe of the Special Offences Court in Ikeja, Lagos, over allegations of theft and money laundering involving £110,000 and the conversion of N500 million.
According to the statement obtained from the EFCC on Thursday, the two face a 10-count charge bordering on stealing, money laundering, and retention of stolen property.
One count states, “That you, ALI BALA (a.k.a Barrister Ahmed) and YUSUF UMAR ANKA, sometime in 2025 in Lagos within the Jurisdiction of this Honourable Court, conducted financial transactions of proceeds involving your unlawful activities to disguise the source of the stolen £110,000.00 (One Hundred and Ten Thousand Pounds Sterling).”
Another count alleges that between July and August 2025, the defendants “converted the sum of N500,000,000.00 (Five Hundred Million naira) property of Salihu Muhammed to your use,” contrary to Sections 280 (1)(a) and 287 of the Criminal Law of Lagos State, 2011.
Both men pleaded not guilty to all charges.
Prosecution counsel Bilikisu Buhari requested a trial date and asked that the defendants be remanded in a correctional facility.
Defence counsel indicated interest in a possible plea bargain while pursuing bail applications.
Justice Abike-Fadipe ordered their remand and adjourned the matter to December 16, 2026, for trial and hearing of the bail applications.
This appears to be a re-arraignment. The suspects had earlier been brought before a different court in September 2026 on similar charges related to the same alleged offences.
The EFCC is Nigeria’s leading anti-corruption and financial crimes agency.
It was established by an Act of the National Assembly in December 2002 and began operations in April 2003 under pioneer chairman Nuhu Ribadu, partly in response to international pressure over money laundering and advance-fee fraud (popularly known as “419”).
The commission investigates and prosecutes economic and financial crimes, including fraud, money laundering, and related offences.
It currently operates under Executive Chairman Ola Olukoyede, appointed in 2023.
The agency maintains zonal directorates across the country, including the Lagos office that handled this case, and regularly publicises arrests and prosecutions as part of its mandate to combat financial crime.
