Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on Monday granted bail to Olugbenga Obadina, the Managing Director of Almond Projects Limited, who allegedly collected N2.4 billion from the Office of the National Security Adviser under retired Colonel Sambo Dasuki, purportedly for a phony contract.
Obadina was arraigned on July 15, 2016 by the Economic and Financial Crimes Commission alongside his company, Almond Projects Limited, on an eight-count charge for allegedly collecting N2.417 billion paid into his company’s account in tranches between 2013 and 2015 from the account of the ONSA under Dasuki without contract award.
The offence is contrary to Section 15(2), (d) of the Money Laundering (Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
Ruling on his bail application, Justice Dimgba admitted the defendant to bail in the sum of N500 million, which will be forfeited to the Federal Government in the event he absconds.
The defendant must also provide two sureties in the sum of N250 million each and must enter a bail bond with the court.
The sureties can be private businessmen, professional or civil servant of the rank of a director.
The sureties must have landed properties either in Asokoro, Maitama, Apo Legislative Quarters, Wuse II area of Abuja or Victoria Island, Lagos State.
The sureties are to provide evidence of income tax payment for three years.
Additionally, the defendant must deposit his international passport with the registrar of the court and must go to the EFCC to comply with Section 15 of the Administration of Criminal Justice Act, which entails submitting himself for biodata collection, fingerprinting, snapshot and necessary profiling.
Meanwhile, the defendant is to be remanded in prison custody pending satisfaction of his bail conditions.
The matter has been adjourned to September 30 and October 4, 2016 for trial.
Trending
- Tinubu’s aide, Onanuga to speak at 5th edition of ‘Timeline Awareness Initiative Lecture/Awards’
- We have identified officer who shot man dead during fuel queue row -Lagos police
- Lagos uncovers another illegal settlement under a bridge + Video
- I thought no man would marry me with a child, actress reveals why she hid 21-year-old son
- Lagos-Calabar coastal road: Peter Obi replies Umahi
- Court remands tenant for allegedly setting landlord’s house on fire
- Fidelity Bank records a 120.1% growth in PBT in Q1 2024
- Visa processing has reached advanced stage for 2024 Hajj – NAHCON Chairman