The Federal High Court sitting in Lagos, Monday, remanded a defendant Tata Oluwafemi Michael in the facility of the Nigerian Correctional Services, Ikoyi over alleged an N1,843,000,000 fraud.
Justice Peter Lifu made the order following Michael’s ‘not guilty’ plea to a nine-count charge preferred against him by the Police Special Fraud Unit, Milverton Road, Ikoyi, Lagos.
Prosecuting Counsel Chukwu Agwu told the court that the alleged offences were committed between 2020 and May 2022 in Lagos State.
He alleged that the defendant through his Guaranty Trust Bank and First Bank of Nigeria accounts fraudulently obtained from one Danyan Udoh “various sums of money under the guise that he would use or invest same in Interest Yielding Businesses, which he knowingly or reasonably ought to know that such fund is, or forms part of the proceeds of your unlawful act.”
Agwu stated that the offences contravened Section 18 (2) (b) and Section 18 (3) of the Money Laundering (Prevention and Prohibitions) Act, 2022.
Following Michael’s plea, defence counsel Mr. J.N Atawodi apologised to the court for not filing a written application for bail and urged the court to allow him to move the application orally.
But Agwu opposed the application, submitting that the defendant placed nothing before the court, hence could not make an oral bail application.
In his ruling, Justice Peter Lifu held that the court had inherent jurisdiction to adjudicate on criminal matters.
He further held that bail was a constitutional right guaranteed under Section 36 of the 1999 constitution.
He granted the defendant bail in the sum of N100 million with two sureties in the like sum.
The court ruled: “I have considered the fact that the defendant has been in custody for more than 40 days without trial for a bailable offence. I have decided to consider the liberty of the defendant at this pre-trial stage.”
“In that wise, I have advised myself by the principle of precedence, and legal authorities. I hereby admit the defendant to bail in the following terms and conditions:
“N100m and two sureties in the like sum. The two sureties must swear to an affidavit of means and attach photographs of themselves and that of the defendant.
“One of the sureties must be a civil servant of the State or Federal level and not below grade level 14.
“The other surety must provide evidence of tax clearance and registered title of a landed property. The claims of the Defendant and that of the sureties shall be verified.
“The Defendant is to be remanded in Ikoyi Correctional Centre until his bail claims are perfected. The case is adjourned till 18th October 2023 for hearing.