Ex-accountant general seeks out-of-court settlement in N1.9bn fraud case

A former acting Accountant-General of the Federation, Anamekwe Nwabuoku, on Wednesday requested the Federal High Court in Abuja to grant him time to negotiate an out-of-court settlement with the Economic and Financial Crimes Commission (EFCC) over an alleged N1.96 billion fraud.
Nwabuoku is facing nine charges brought by the EFCC. Initially, he was charged alongside Felix Nweke, a director in the Federal Civil Service, but the EFCC later amended the charges, removing Nweke as a co-defendant after he agreed to testify against Nwabuoku.
The amended charge, FHC/ABJ/CR/240/24, accuses Nwabuoku of violating Section 18 of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012), which carries penalties under Section 15(3) of the same Act.
Nwabuoku was appointed acting AGF in May 2022 following the suspension of Ahmed Idris, who was accused of laundering N80.2 billion. However, allegations of prior financial misconduct led to Nwabuoku’s removal in July 2022, just weeks after his appointment.
During the trial, Nweke, now a prosecution witness, testified that Nwabuoku used four companies to divert N1.96 billion in public funds. He further alleged that the stolen money was funneled through bank accounts operated by a proxy, Gideon Joseph.
At Wednesday’s resumed hearing, Nwabuoku’s lawyer, Isidore Udenko, urged the court to allow his client time to negotiate a settlement with the EFCC. This request followed an announcement by EFCC counsel, Ekele Iheanacho (SAN), that the prosecution had five additional witnesses ready to testify.
Udenko explained that Nwabuoku had previously attempted settlement with the EFCC, but negotiations had failed. He also noted that a Senior Advocate of Nigeria had been engaged to assist in facilitating the new settlement talks.
In response, Iheanacho stated that the prosecution had no objection to the request.
“Although we have five witnesses in court and are prepared to proceed with the trial if the defendant’s request aligns with the interests of justice, we will not oppose it,” he said.
Following this, Justice James Omotosho adjourned the case to March 13 for a settlement update or continuation of trial.