Alleged N322m Fraud: Court Grants Nwaobosi Bail
A Federal High Court, Friday, granted bail to the embattled senator representing Delta North Senatorial District, Peter Nwaoboshi, who is charged on alleged N322 million fraud, on self-recognisance.
Apart from the that, the court presided over by Justice Mohammed Idris, also ordered the senator to provide two sureties, who must furnish the court with bond of N50 million each, and that the senator must deposit his international passport, and that he must not travel out of the court’s jurisdiction without notifying the court.
The senator was however given 72 hours to meet the bail terms.
Senator Nwaoboshi, alongside his two companies, Golden Touch Construction Projects Limited and Summing Electrical Limited, were arraigned before the court last Wednesday, by the Economic and Financial Crimes Commission (EFCC), on a two count-charge, bordering on fraud.
In the charge, the EFCC alleged that the senator popularly called Oshimele, had committed the offence between May and June 2014.
The EFCC had alleged that Nwaoboshi and his companies conspired and acquired a property described as ‘Guinea House’, Marine Road, Apapa-Lagos for the sum of N806 million, which you reasonably ought to have known that the sum of N322 million, cut of the purchase price transferred to the vendors by order of Suiming Electrical Limited formed part of the proceed of an unlawful act.
The senator’s firms, Suiming Electrical Limited, was also alleged to had on or about May 14, 2014, aided the Senator and his company, Golden Touch Construction Project Limited, to commit money laundering offence.
The offences according to the prosecution led by Salisu Abubakar, are contrary to committed an offence contrary to sections 15(2)(d) and 18 (a) the Money Laundering (Prohibition) Act, 2011, (as amended) and punishable under section punishable under section 15(3) and 15(2)(d) of the same Act.
The accused had pleaded not guilty to the charges.
After granting the Senator bail, his trial was adjourned till June 13 and 20.
