Lukman Olabiyi
Justice Babs Kuewumi of the Federal High Court, sitting in Lagos, on Wednesday, granted bail to a Bureau De Change ( BDC ) operator, Alhaji Samaila Abubakar, who was charged before the court over alleged N78 million fraud.
The court granted accused dbail in the sum of N25 million with two sureties each in like sum.
Justice Kuewumi, also ordered that the sureties must be have landed properties with Certificate of Occupancy (C-of-O) within the court’s jurisdiction, and presented to court evidence of three year tax, among others.
However, the judge ordered that the accused be remanded in prison custody pending the fulfillment of the bail terms, while adjourned till October 31, 2018, for commencement of trial.
The accused was arraigned before the court by the police, in the charge against him, the prosecution alleged that the accused who is a Nigerien, with an intent to defraud, obtained the said amount from a company, Reddington Nigeria Limited, sometimes in September, 2009, under the disguise of giving the company United State of America Dollars (USD), but converted the money to his personal use.
The 48 -years -old BDC operator was also alleged to have converted the said money, which the police said was derived from participation in an organised crimes, with the aim of concealing or disguising the illicit origin of the money.
The prosecutor, Mr. Henry Obasi, an Assistant Superintendent of Police (ASP), told the court that the offences are contrary to sections 1(3) and 15(1)(a)(ii) of Advance Fee Fraud and Other related offences Act, 2006, and punishable under section 15(1)(b) of the Money Laundering (Prohibition) Act, 2011.
But Abubakar pleaded not guilty to the charges.