Court Remands Businessman Over Alleged N790m Alaba Shops Fraud

Justice Ibrahim Kala of the Federal High Court in Lagos has remanded businessman Mohammed Bello Abubakar, popularly known as Buba, to the custody of the Ikoyi Correctional Centre over an alleged N790 million fraud involving the purported sale of 18 shops at Alaba International Market in Ojo.

Justice Ibrahim Kala gave the order after Abubakar was arraigned before the court by police operatives from the Force Criminal Investigation Department (ForceCID), Lagos, on a three-count charge of conspiracy, obtaining money by false pretence and unlawful conversion of funds.

The police prosecutor, Morufu Animashaun, had informed the judge that Abubakar and Alhaji Musa Lawal, who is said to be at large, conspired between June 2025 and March 2026 to defraud Casco Electronic Company Limited of N790 million.

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Animashaun also claimed that the defendants told the company they had the lawful authority, right and title to sell 18 shops at Alaba International Market.

He further alleged that this representation was false and that Casco Electronic Company Limited relied on it when paying N790 million in connection with the purported transaction.

The prosecutor also told the court that Abubakar later dishonestly converted the money to his personal use, although it belonged to Casco Electronic Company Limited.

Animashaun maintained that the offences violated provisions of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, as amended, and the Criminal Code Act.

The alleged offences under the Advance Fee Fraud Act are punishable under Section 1(3) of the Act, while the alleged conversion offence was brought under Section 383 and is punishable under Section 390 of the Criminal Code Act.

Abubakar, however, pleaded not guilty to all three counts.

After his plea was taken, the prosecutor urged the court to fix a trial date and remand the defendant to the custody of the Nigerian Correctional Service (NCoS) pending the conclusion of the case.

In his response, the defence counsel asked the court for time to file a formal bail application on the defendant’s behalf.

After listening to the lawyers, Justice Kala adjourned the case to November 5 for the commencement of the trial.

The judge also ordered that Abubakar be remanded in NCoS custody pending the hearing and determination of his bail application.