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Poisoned chalice: “Transcorp Three” get tough bail terms

June 21, 2009

Image removed.A reprieve of sorts today came the way of the embattled suspended Group Managing Director of Transcorp, Tom Iseghoghi and his colleagues: Mohammed Buba and Mike Okoli, who are standing trial for allegedly frittering away the sum of 15 billion Naira belonging to the beleaguered Nigeria Telecommunication Plc (NITEL).


Following an application for bail made by the three accused persons a fortnight ago, Justice Anwuri Chikere, sitting at the Federal High court in Abuja ruled in favour of the accused trio and granted them bail.  This was despite the strong opposition put up by the counsel to the Economic and Financial Crimes Commission on the grounds that the Commission is still investigating the international dimension of the alleged embezzlement of the former communication giant’s resources.

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In what may be likened to withdrawing with the left hand what was given with the right, the court rolled out unusually tough bail conditions, beginning with the sum of 500 million Naira with two sureties each in like sum. To be acceptable to the court, each surety is to be a landed property owner in Abuja; employed by the Federal Government; and on grade level 16 or above. 


Each surety must produce incontrovertible evidence of those credentials.  He or she must also show evidence of tax payments for the last three years, as verified by the Federal Inland Revenue Service. Similarly, evidence of land ownership in Abuja must be verified by the Abuja Geographic Information Service (AGIS), the Federal Capital’s custodian of landed matters.


In an obvious agreement with the position of the EFCC’s position that the accused persons are men of means who have the capacity to frustrate investigation on the international dimension of the fraud, the court ordered the accused to deposit their international passports and other relevant traveling documents with the court registry.  The curious question that Nigerians may be asking is why the EFCC has never sought to impose similar constraints on the more powerful former governors who have been indicted for corruption. 

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The trial of the Transcorp Three is to commence in the third week of July, 2009.

 

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