Justice Mohammed Idris on Friday granted bail to Senator Peter Nwaoboshi who was arraigned over alleged fraud of N322m by the Economic and Financial Crimes Commission.
The senator representing Delta North was on Wednesday arraigned alongside two other firms on a two count of conspiracy and money laundering before the Federal High court Lagos by the EFCC.
To enjoy his bail, the court mandated the senator to get two sureties to sign a bail bond of N50m for him within 72 hours.
Justice Idris also ruled that the senator could not travel out of the country without the permission of the court until the end of the case.
Nwaoboshi, alongside are Golden Touch Construction Project Limited and Suiming Electricals Limited were alleged to have purchased a property known as Guinea House, Marine Road, Apapa, Lagos for N805m between May and June 2014 with N322m which the anti-graft agency claimed was part of proceeds of “an unlawful act, to wit: fraud.”
EFCC also alleged that the N322m was transferred to the vendor of the property on the directive of Suiming Electricals Limited which was accused of aiding Nwaoboshi and Golden Touch Construction Project Limited to commit money laundering on or about May 14, 2014.
EFCC said the action of the defendants were 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.
Upon their arraignment, the defendants pleaded not guilty.
The judge adjourned till June 13 and 20, 2018 for the commencement of trial.