By Ola Kay
The defendant was indicted in an alleged Thirty-Eight Million Naira (N38,000,000) Money Laundering Case for committing, amongst other offences, cash payment of Ten Million Naira (N10,000,000) in three tranches, totaling Thirty Million Naira (N30,000,000), exceeding the amount authorized under Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act of February 2012.
The court held that the alleged offence attracts penalty of a fine of Ten Million Naira (N10,000,000) or imprisonment for a term of at least three years or both.
The defendant pleaded not guilty to the charges, leading his counsel to apply for his release on bail in the most liberal terms.
The trial judge in his wisdom granted the bail on a bond of Two Million Naira (N2,000,000) by a responsible surety who is to prove close relationship with the defendant and must be in employment of a reputable company, not self-employed and not a civil servant.
In addition, the court ruled that, the surety is to provide his address (occupational and residential) to the court, submit evidence of tax payment in the last three years, two of his recent passport photographs and that of the defendant.
Meanwhile, Justice Olajuwon stated that the defendant is to be remanded in Kuje correctional facility pending the perfection of his bail conditions.
The case was adjourned to October 22, 2024, for commencement of trial.
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