Court acquits businessman of alleged N99m fraud
A Lagos High Court has acquitted businessman Percy Abah of an alleged N99m fraud, ruling that the EFCC failed to prove he knew the money was from crime. Read More: https://punchng.com/court-acquits-businessman-of-alleged-n99m-fraud/
The Lagos State High Court in Ikeja has acquitted businessman Percy Abah of charges related to alleged N99.05m fraud, according to prosecutors. Justice Ismail Ijelu ruled that the Economic and Financial Crimes Commission (EFCC) could not prove Abah knowingly retained proceeds of criminal conduct. While the court acknowledged suspicious movements of funds into Abah's First City Monument Bank account, it did not find enough evidence to establish his knowledge of the funds' criminal origin.
Abah, who pleaded not guilty, was arrested after N99.05m, part of a larger N3bn fraud, was traced to his account in December 2025. Prosecutors called EFCC investigators and presented bank statements and his statements to investigators, but the prosecution failed to prove that Abah's knowledge of the funds' illicit origin was beyond reasonable doubt.
Abah testified that the money was connected to a rice supply transaction, maintaining he had no awareness of the funds' criminal origin.
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