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Court slams N50m bail on Nwaoboshi, restricts movement

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7 years ago

April 27, 2018

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A federal high court in Lagos on Friday has granted bail on self-recognition to the senator representing Delta North, Peter Nwaoboshi, in the sum of N50m. It also barred him from travelling abroad pending the conclusion of the alleged N322m fraud brought against him by the Economic and Financial Crimes Commission (EFCC).

While adjourning the case till June 13 and 20, 2018 for commencement of trial, Justice Mohammed Idris instructed him to get two sureties who will each sign a bail bond of N50m within 72 hours. The lawmaker was also asked to deposit his passport in the custody of the court pending the conclusion of the case.

The Economic and Financial Crimes Commission had on Wednesday arraigned him alongside two firms on two counts bordering on conspiracy and money laundering.

The firms, listed as second and third defendants respectively, are Golden Touch Construction Project Limited and Suiming Electricals Limited.

The EFCC, in the charges, claimed that Nwaoboshi and Golden Touch Construction Project Limited purchased a property known as Guinea House, Marine Road, Apapa, Lagos for N805m between May and June 2014.

The anti-graft agency claimed that N322m out of the N805m, which Nwaoboshi and the firm paid for the property, was part of proceeds of “an unlawful act, to wit: fraud.”

The EFCC alleged that the N322m was transferred to the vendor of the property on the order of Suiming Electricals Limited.

Suiming Electricals Limited was accused of aiding Nwaoboshi and Golden Touch Construction Project Limited to commit money laundering on or about May 14, 2014.

The prosecution said the defendants acted contrary to sections 18(a) and15 (2) (d) of the Money Laundering (Prohibition) Act 2011 and are liable to punishment under Section 15(3) of the same Act.