Lagos businessman arraigned over alleged N790m fraud

Tuesday, October 6, 2026 -Operatives of the Force Criminal Investigation Department (ForceCID), Annex, Alagbon-Ikoyi, Lagos, have arraigned a businessman, Mohammed Bello Abubakar, also known as Buba, before a Federal High Court, Lagos, over an alleged N790 million fraud involving 18 shops at Alaba International Market, Ojo.

Abubakar was arraigned before Justice Ibrahim Ahmad Kala on a three-count charge bordering on conspiracy, obtaining money by false pretence and unlawful conversion of funds in charge number FHC/LAG/CR/789/2026.

The prosecutor, Morufu Ajani Animashaun, from the legal department of ForceCID Annex, told the court that the defendant allegedly conspired with one Alhaji Musa Lawal, who is currently at large, to commit the offences between June 2025 and March 2026.

Animashaun alleged that the defendant and his accomplice fraudulently obtained the sum of N790 million from Casco Electronic Company Limited by falsely representing that they had lawful authority, right and title to sell 18 units of shops located at Alaba International Market, Lagos.

He further told the court that Abubakar dishonestly converted the said sum to his personal use despite the money being paid in connection with the purported sale of the shops.

According to the prosecutor, the alleged offences contravene Sections 8(a) and 1(1)(a), and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 (as altered), as well as Sections 383 and 390 of the Criminal Code Act, Laws of the Federation 2004.

The defendant, however, pleaded not guilty to the charges.

Following his plea, Animashaun urged the court to fix a trial date and remand the defendant in the custody of the Nigerian Correctional Service (NCoS) pending the determination of the case.

Counsel to the defendant, in response, requested time to file a bail application on behalf of his client.

Justice Kala subsequently adjourned the matter to November 5 for trial and ordered that the defendant be remanded in the custody of the NCoS pending the hearing and determination of his bail application.

In one of the counts, the prosecution alleged that Abubakar and the at-large suspect, between June 2025 and March 2026 at Alaba International Market, conspired to obtain money by false pretence by misrepresenting to Casco Electronic Company Limited that they had authority to sell 18 shop units, a claim they allegedly knew to be false.

Another count stated that the defendant fraudulently obtained N790 million from the company under the same false representation.

The prosecution also alleged that Abubakar subsequently converted the entire sum to his own use, knowing it to be property belonging to the company and connected to the purported transaction.