Shuaibu is standing trial for stealing N439m

Law-Labor-Lawyer_0Justice Adamu Bello of the Federal High Court,  Abuja, on Wednesday granted conditional bail to Dr. Sani Shuaibu who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for fraud, conspiracy to commit fraud and concealing the illicit origin of stolen Pension funds to the tune of N439 Million. 

Shuaibu was first arraigned alongside four companies on May 7, 2012. Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-ile Petroleum Limited were the companies through which the accused allegedly laundered the sum.

While ruling on the bail application at the resumed hearing, the court listed conditions as a N50 Million bail bond and the guarantee of one surety in like sum. The surety must be a responsible citizen of Nigeria, resident within the judicial division of the court and must have a property worth not be less than N50 million, also within the judicial division of the court. 

Before adjourning proceedings to July 19, 2012 for commencement of trial, Justice Bello directed that Shuaibu must write a written undertaking not to harass or intimidate prosecution witnesses before or during trial. He warned that a violation of such will result in the revocation of the bail and remanding of the accused until trial is concluded. 

Shuaibu is alleged to have conspired with Badawulu Ventures Ltd, Ebunu Attah Investment, and Riba-lle Petroleum Ltd to launder illegal funds derived directly from the pensions department, Office of the Head of Service of the Federation of Nigeria into the account of Muha Millennium Motors Ltd through which the principal accused (Dr Sani Teidi Shuaibu) purchased Brifina Hotels Limited located at Plot 1106 Cadastral Zone BO2 Durumi District, Area 1 Abuja at the sum of N399 Million. 

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