Lagos High Court Acquits Businessman in Alleged ₦99 Million FCMB Fraud Case

The Lagos State High Court sitting in Ikeja has discharged and acquitted businessman Percy Abah in a criminal case involving approximately ₦99.05 million traced to transactions involving First City Monument Bank (FCMB).

Justice Ismail Ijelu held that the Economic and Financial Crimes Commission (EFCC) failed to establish beyond reasonable doubt that Abah knew the money was proceeds of criminal activity.

The prosecution had alleged that the businessman received and retained funds linked to fraudulent transactions. It maintained that the movement of the money through his bank account raised questions about his knowledge of the underlying transactions.

However, the court found that establishing receipt of suspicious funds was not sufficient to secure a conviction without proving the essential elements of the alleged offence.

In particular, the prosecution failed to demonstrate that Abah knew the funds were criminal proceeds or that he retained them on behalf of a person whose criminal activities generated the money.

The court distinguished between knowing that a payment was expected and knowing that the payment represented proceeds of crime.

In reaching its decision, Justice Ijelu reiterated the established criminal law principle that suspicion, regardless of its strength, cannot replace proof beyond reasonable doubt.

The court consequently found the defendant not guilty and discharged and acquitted him.

The judgment is significant for financial crime prosecution in Nigeria. It reinforces the burden placed on the prosecution to establish the necessary elements of an offence rather than rely solely on suspicious transactions or the movement of funds.

It also serves as a reminder that the presumption of innocence remains fundamental to criminal proceedings, including cases involving alleged financial crimes.