A Federal High Court sitting in Abuja has on Friday granted bail to Shamsudeen Bala Mohammed, the son of a former Minister of the Federal Capital Territory, Bala Mohammed in the sum of N100m.
Recall that Shamsudeen Bala Mohammed was on Wednesday remanded in June Prison after he was acused for money laundering and arraigned on a 15 count of N1.1bn.
The defendant was granted bail on the condition that he will provide two sureties to enter into N50m bail bond each.
Justice Dimgba ruled that the sureties must be private businessmen or public servants of the rank of assistant director and above. They must also have landed properties in Abuja or within Lagos metropolis excluding satellite towns.
Justice Dimgba also ruled that Bala must produce a three year tax clearance and must not travel without the consent of the court.
Justice Nnamdi Dimgba stressed on Friday that the defendant, who was produced in court handcuffed by prison officials on Friday, should remain in custody pending when he would meet the bail conditions.
Shamsudeen is being prosecuted by the Economic and Financial Crimes Commission for allegedly paying millions of naira on different occasions totalling about N1.1bn for the purchase of houses without going through financial institutions.
The act was said to be in breach of Money Laundering (Prohibition) Act.
Justice Dimgba on Friday ordered an accelerated hearing in the case and fixed 27th and 28th March for commencement of trial.
