An Abuja Federal High Court on Thursday granted a bail of N270 million to a former Imo State Governor, Ikedi Ohakim, charged with money laundering by the Economic and Financial Crimes Commission.
Ohakin was arraigned on Wednesday by the commission on a three-count charge of money laundering and remanded in EFCC custody pending Thursday’s ruling on his bail application.
Justice Adeniyi Ademola, the trial judge, while delivering ruling on the bail application filed by Ohakim’s counsel, Chris Uche (SAN), admitted him to bail in the sum of N270 million.
Justice Ademola ruled: “Having perused all the processes filed before the court, the accused is charged with money laundering and the essence of bail is for the accused to attend trial.
“The court, in exercise of its discretion to grant bail, hereby, grants bail to the accused in the sum of N270 million with a surety in like sum, accordingly.
“The surety must own a landed property in Abuja or alternatively swear to an affidavit of means and in addition deposit his international passport with the Court Registrar.
“This must be verified and approved by the court.”
At Wednesday’s arraignment, Ohakim was accused by the counsel of the EFCC, Festus Keyamo, of buying a house valued at N270 million, for which he paid in cash in dollars.
The value of the property, located at 60, Kwame Nkrumah Street, Asokoro, Abuja, is said to exceed the amount authorised for an individual by Section 1 of the Money Laundering Prohibition Act, 2004.
Ohakim is also accused of acquiring the property directly from an illegal act when he signed for its purchase from one Mukhtari Maidabino in November, 2008.
The EFCC also accused Ohakim of failing to fully declare his assets by not disclosing his ownership of the said property while under arrest and interrogation by the commission on Jan. 26, 2013.
The former governor’s offences are said to contravene the provisions of Sections 15 (1) (d); 14 (1) (b) and 27 (3) (c) of the Money Laundering Prohibition and EFCC Act, 2004.
Justice Ademola adjourned the case to October 20 for trial.
NAN.