The Economic and Financial Crimes Commission has re-arraigned two men, Ali Bala and Yusuf Anka, before the Ikeja Special Offences Court over alleged financial crimes involving £110,000 and N500 million.

The defendants were brought before Justice Olubunmi Abike-Fadipe on Wednesday and faced a 10-count charge bordering on money laundering, stealing and retention of stolen property.

Also read: EFCC charges 38-year-old man over alleged $5,000 fraud in Enugu

Bala and Anka, however, pleaded not guilty to the charges.

EFCC counsel, Mrs Zainab Buhari, told the court that the defendants allegedly conspired and committed the offences in Lagos in 2025.

According to the anti-graft agency, the two men conducted financial transactions involving proceeds allegedly derived from unlawful activities, with the transactions intended to disguise the source of £110,000 said to have been stolen.

The commission further alleged that the defendants were involved in financial transactions involving N500 million, which it described as proceeds of unlawful activities.

The alleged offences, according to the EFCC, contravene Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Following the defendants’ pleas, Justice Abike-Fadipe ordered that they remain in EFCC custody pending further proceedings.

The court subsequently adjourned the case until December 16 for further proceedings.

Also read: EFCC charges 38-year-old man over alleged $5,000 fraud in Enugu

The case adds to the EFCC’s ongoing prosecution of alleged financial crimes, although the allegations against Bala and Anka remain unproven until determined by the court.