N2.4bn Scam: Contractor Gets Bail on Strigent Terms

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Justice Nnamdi Dimgba of the Federal High Court sitting in Abuja yesterday granted bail to one Olugbenga Obadina, Managing Director, Almond Projects Limited, who allegedly collected money to the tune of N2.4billion from the Office of the National Security Adviser (ONSA) under Col. Sambo Dasuki (rtd), purportedly for a phony contract. He was arraigned on Friday July 15, 2016 by the Economic and Financial Crimes Commission (EFCC) alongside his company, Almond Projects Limited on an eight-count charge of allegedly collecting a sum of N2, 417, 000,000 paid into his company’s account in tranches, between 2013 and 2015, from the account of the ONSA, under Dasuki without contract award. The offence is contrary to Section 15(2), (d) of the Money Laundering (Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act. Ruling on his bail application, Justice Dimgba admitted the defendant (Obadina) to bail in the sum of N500million which will be forfeited to the federal government in the event that he absconds.
The defendant must also provide two sureties in the sum of N250million each and must enter a bail bond with the court. The sureties can be a private businessman, professional or civil servant of the rank of a director.