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EFCC arraigns businessman, Babagana Mustapha, for N7.8m investment fraud

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The Maiduguri Command of the Economic and Financial Crimes Commission (EFCC) has arraigned one Babagana Mustapha before Justice Umaru Fadawu of the Borno State High Court, Maiduguri on  two-point charges bordering on criminal misappropriation to the tune of N7.83 million only.

Count one of the charge reads: “That you Babagana Mustapha on or about July, 2021 at Maiduguri, Borno State within the jurisdiction of this Honourable Court, dishonestly misappropriated and converted for your own use the aggregate sum of N5, 880,000.00 (Five million, Eight Hundred and Eighty Thousand) belonging to one Abubakar Awaji under the guise that the said money is an investment into your business and thereby committed an offence contrary to and punishable under Sections 308 and 309 of the Penal Code Laws of Borno State Cap. 102. Vol. 3 of 1994 respectively.”

The defendant pleaded ‘not guilty’ to the charge prepared against him.

Counsels for the prosecution, S.O, Saka and F. Muhammad prayed the court for a trial date and remand of the defendant at the Correctional Centre.

Justice Fadawu remanded the defendant at the EFCC’s custody and adjourned the matter till October 10, 2023, for commencement of trial.

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