The Economic and Financial Crimes Commission (EFCC) has, on Friday, July 15, arraigned the Managing Director, Almond Properties Ltd., Olugbenga Obadina, in the Federal High Court, Abuja, on an eight-count charge bordering on money laundering.
Obadina allegedly collected the sum of N2, 417, 000,000.00, paid into his company’s account in tranches, between 2013 and 2015 from the Office of the National Security Adviser under Col. Sambo Dasuki (rtd) without contract award.
The defendant, however, pleaded not guilty to all eight counts. The prosecuting counsel, Mr Peters Aso, urged the court to remand the defendant in prison custody and order accelerated hearing of the case.
Aso said that even though bail was at the discretion of the court, the proof of evidence accompanying the charges against Obadina, showed that he was not entitled to bail.
“The defendant received N2.4 billion out of which $2.6 million has been taken abroad and his passport is still in his custody.
“And so, if granted bail, he is a flight risk because he will jet off to enjoy that money already abroad,’’ Aso said.
The prosecutor said that although they had recovered N70 million from the defendant, rather than cooperating, the defendant was frustrating the investigation.
The judge ordered that Obadina be kept in prison pending when his bail application will be determined.
He adjourned hearing on the bail application to July 18.