The Economic and Financial Crimes Commission has arraigned two men, Ali Bala and Yusuf Umar Anka, before the Lagos State High Court sitting in Ikeja over alleged financial crimes involving £110,000 and ₦500 million.

The defendants were arraigned on Friday, 4 September 2026, before Justice Olukayode Ogunjobi on a 10-count charge bordering on money laundering, stealing and retention of stolen property.

One of the counts alleges that Bala, also known as Barrister Ahmed, and Anka conducted financial transactions in Lagos in 2025 involving proceeds of unlawful activities in an attempt to disguise the source of £110,000 allegedly stolen.

The commission said the alleged offence contravened Section 7(1)(b)(i) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Both defendants pleaded not guilty when the charges were read to them.

Following their pleas, prosecution counsel, H.U. Kofarnaisa, asked the court to adjourn the matter for trial and sought an order for the defendants to be remanded in a correctional facility.

However, defence counsel informed the court that bail applications had already been filed on behalf of the defendants.

Justice Ogunjobi subsequently adjourned the case until 8 September 2026 for hearing of the bail applications and ordered that Bala and Anka remain in EFCC custody pending the hearing.