The Economic and Financial Crimes Commission has arraigned the Managing Director of Almond Properties Ltd., Olugbenga Obadina, at the Federal High Court, Abuja, on an eight-count charge bordering on money laundering.
The EFCC arraigned Obadina today for receiving over N2.4 billion from a former National Security Adviser, retired Col. Sambo Dasuki, for electricity contracts that were never executed.
The defendant, however, pleaded not guilty to all eight counts. The prosecuting counsel, Mr Peters Aso, however 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”