Money laundering: Ohakim gets N270m bail

The Federal High Court in Abuja yesterday, admitted former Governor of Imo State, Ikedi Ohakim to bail.
Justice Adeniyi Ademola, who overruled the prosecution’s request to deny the former governor bail, held that the alleged offence of laundering N270 million was bailable in law.
The court admitted Ohakim to bail in the sum of N270 million and a surety, who must have a landed property and reside within the jurisdiction of the court.
Justice Ademola ordered that in the alternative, the surety should swear to an affidavit of means to be verified by the deputy chief registrar of the court.
The court directed the former governor to deposit his international passport with the deputy chief registrar even as the court also directed the Economic and Financial Crimes Commission(EFCC) to surrender Ohakim’s international passport in its possession with the DCR.
Justice Ademola  stated that the essence of bail was to ensure that the defendant was available for trial. Ohakim, he said,  placed sufficient materials before the court to warrant it to exercise its discretion in his favour.
He  agreed with the counsel for the defense, Chris Uche [SAN] that under the 1999 Constitution, an accused person was presumed innocent until  proven guilty.
The prosecution counsel, Mr. Festus Keyamo had urged the court to refuse the bail application and rather grant an accelerated hearing.
Ohakim, is being prosecuted for N270million fraud allegedly perpetrated in 2008.
The EFCC had on Wednesday arraigned Ohakim on a three-count charge of fraud, including making cash payment of $2.29m (N270million) for a property in Asokoro, Abuja.
The prosecution also accused the former governor of collaborating with Tweenex Consociates H.D. Ltd. to conceal the ownership of the property by drafting an agreement portraying him as a tenant in the property.
Ohakim, who was governor of Imo State between May 2007 and May 2001, was also accused of failing to declare the property as part of his assets while under EFCC arrest in November 2008. The offences were allegedly committed in 2008 in violation of sections 15(1)(d) and 14(1)(b) of the Money Laundering (Prohibition) Act, 2004.
The charges border on conspiracy, abuse of office, misappropriation of public funds and money laundering reported to the commission by 17 persons from the the 27 local government councils of Imo State under the auspices of ‘Alliance of Redemption and Destiny Organizations’.