Lagos court acquits businessman in alleged N99m fraud case

Summary

A Lagos State High Court in Ikeja has discharged and acquitted businessman Percy Abah in a case involving alleged retention of about N99.05m linked to suspicious bank transfers.

Highlights

• Justice Ismail Ijelu ruled on October 20, 2026, that the EFCC did not prove beyond reasonable doubt that Abah knew the money was proceeds of crime.
• The court said the prosecution showed receipt, control and suspicious movement of the funds, but not the required criminal knowledge.
• Abah was charged under the EFCC Act after the money was traced to his FCMB account and later moved to other accounts.
• He was arraigned on March 30, 2026 and pleaded not guilty.