Shamsudeen Bala Mohammed, a son of a former Minister of the Federal Capital Territory, Bala Mohammed, was on Friday granted bail in the sum of N100m by a Federal High Court in Abuja.
Bala was remanded in Kuje Prison on Wednesday, after he was arraigned on 15 counts of N1.1bn money laundering offences.
The Economic and Financial Crimes Commission, EFCC, had arraigned Shamsudeen on a 15-count of N1.1bn money laundering offence.
EFCC alleged that the ex-Minister’s son paid millions of naira on different occasions totaling about N1.1bn for the purchase of houses without going through financial institutions.
According to the anti-graft agency, the act contravenes the Money Laundering (Prohibition) Act.
EFCC had charged Shamsudeen alongside four other companies, namely: Bird Trust Argo Limited, Intertrans Global Logistics Limited, Diakin Telecommunications Limited and Bal-Vac Mining Nigeria Limited.
EFCC also accused the defendant of failing to declare his assets when he completed the EFCC Asset Declaration Form A.
However, the defendants pleaded not guilty to the charges leveled against him.
During today’s hearing of the matter, the trial judge, Justice Nnamdi Dimgba among other bail conditions, ordered Shamsudeen to provide two sureties to enter into N50m bail bond each.
The trial judge, while fixing March 27 and 28 for commencement of trial, ordered an accelerated hearing in the matter.