EFCC Arraigns CEO in Damaturu Over Alleged N21.5 Million Money Laundering
The Economic and Financial Crimes Commission (EFCC), through its Maiduguri Zonal Directorate, has arraigned Ibrahim Umar Lafiya, the Chief Executive Officer of I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures, for alleged involvement in a N21.5 million money laundering case.
Lafiya was brought before Justice Fadimatu Aminu of the Federal High Court in Damaturu, Yobe State, on a one-count charge related to the alleged laundering of N21,500,000 (Twenty-One Million, Five Hundred Thousand Naira).
The charge reads:
“That you, Ibrahim Umar Lafiya, being the CEO and alter ego of I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures, a company registered in Nigeria between November and December 2023 at Potiskum, Yobe State, within the jurisdiction of this Honorable Court, directly converted the aggregate sum of N21,500,000.00, which you ought to have known formed part of the proceeds of an unlawful act, to wit: money laundering, thereby committing an offence contrary to Section 18(1)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Lafiya pleaded not guilty to the charge.
Following his plea, EFCC counsel Mukhtar Ali Ahmed requested a date for trial. In response, defence counsel M.S. Baba submitted a bail application, urging the court to grant the defendant bail on liberal terms.
Justice Aminu granted bail in the sum of N6,000,000 (Six Million Naira) with two sureties in the same amount. One of the sureties must be a traditional ruler residing in Damaturu. The defendant was ordered to be remanded in EFCC custody pending the fulfilment of his bail conditions.
The case was adjourned to June 17, 2025, for trial.
