The Federal High Court in Abuja has dismissed a $1 billion money laundering case filed by the Economic and Financial Crimes Commission (EFCC) against Malabu Oil and Gas Company, businessman Aliyu Abubakar and other defendants over alleged fraudulent dealings involving Nigeria’s controversial Oil Prospecting Licence (OPL) 245.
Justice Inyang Ekwo, in a judgment delivered on Thursday, October 15, 2026, held that the EFCC failed to prove the allegations against the eight defendants beyond reasonable doubt.
The judge also faulted the commission for proceeding with the prosecution despite a 2018 letter from the Attorney-General of the Federation (AGF) directing that the defendants should not be prosecuted because of insufficient evidence.
The case, marked FHC/ABJ/CR/268/2016, involved a 48-count charge bordering on alleged money laundering linked to transactions involving the controversial oil block.
The EFCC alleged that about $1 billion and N673 million were involved in the offences.
The defendants, however, pleaded not guilty to the charges.
Those named in the case included Malabu Oil and Gas Limited, A-Group Construction Company Limited, Rocky Top Resources Limited, Mega Tech Engineering Limited, Novel Properties and Development Company Limited, Carlin International Nigeria Limited and Aliyu Abubakar.
In a separate judgment, Justice Ekwo also discharged Abubakar on five counts in a money laundering case involving an alleged N300 million offence.
The judge held that the EFCC failed to establish the allegations in counts five, six, seven, eight and nine, ruling that the evidence presented could not sustain a conviction.
“The allegations in counts five, six, seven, eight and nine cannot be proved beyond reasonable doubt. I so hold,” the judge ruled.
He subsequently ordered Abubakar’s discharge on the counts.
The case had initially featured former Attorney-General of the Federation, Mohammed Adoke, and Abubakar as the first and second defendants when the charge was filed in 2017.
In 2024, Justice Ekwo discharged Adoke after upholding his no-case submission but ruled that Abubakar had a case to answer.
The judge had then held that the prosecution established a prima facie case against Abubakar on the five counts, requiring him to enter his defence.
However, in the latest judgment, the court held that the EFCC had failed to prove the allegations against the businessman beyond reasonable doubt.
