Alleged N107m fraud: Court grants Ex- SMEDAN DG bail
The Economic and Financial Crimes Commission, (EFCC) arraigned Mr Masari on Wednesday on 17 counts of alleged money laundering.
The anti-graft agency accused him of being involved in a N107.7 million money laundering and proceeds of gratification crime.
In his ruling on the bail application, the judge, Justice Okon Abang held that the offence for which the defendant was charged before the court was bailable in nature.
The judge upheld the arguments of Mahmud Magaji, (SAN) counsel to Mr Masari noting that the paramount thing to consider in granting bail was to ensure that the defendant continued to attend court to stand his trial.
“It is in the light of these that I am inclined to grant the application for bail. The defendant is hereby admitted to bail in the sum of N30 million with one surety in the like sum,” the judge said.
The judge said the surety must be resident in Abuja and own landed property within the FCT with a Certificate of Occupancy (C of O) which must be verified by the relevant agencies.
He further ordered Mr Masari to deposit his International passport with the registrar of the court or a letter from the Nigerian Immigration Service, if he did not have an International passport.
The matter has been adjourned until May 24 for trial.