The Lagos State High Court sitting in Ikeja has discharged and acquitted a businessman, Percy Abah, of charges bordering on the alleged retention of about N99.05 million linked to fraudulent transactions.
Justice Ismail Ijelu, who delivered the judgement, held that the Economic and Financial Crimes Commission (EFCC) failed to prove beyond reasonable doubt that Abah knew the money was proceeds of crime.
The judge noted that although the transactions surrounding the funds were suspicious, the evidence did not establish that Abah knowingly retained the proceeds on behalf of a person involved in criminal conduct.
Abah was arraigned in March 2026 and pleaded not guilty. The case arose from allegations that about N99.05 million, said to form part of funds fraudulently removed from accounts at First City Monument Bank, was paid into his account in December 2025.
The prosecution called EFCC investigators who testified about the movement of the funds and tendered documentary evidence, including bank statements and the defendant’s statements.
In his ruling, Justice Ijelu stressed that suspicion, however strong, cannot replace proof beyond reasonable doubt.
He consequently found Abah not guilty of the offence under Section 17(a) of the EFCC Establishment Act, 2004, and discharged and acquitted him.
AbdulBasit Saba is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
