Breaking news: Alleged $2.3m fraud: Ohakim secures N270m bail

Hamilton Nwosa
Writer

Ad

Nigeria’s FX Reserves Surge to $41bn Under Tinubu, But Still Lower Than Obasanjo’s $67bn

By Abiola Olawale Nigeria’s foreign exchange (FX) reserves have reached a 44-month high, climbing to $41 billion as of August 19, 2025, according to data from the Central Bank of Nigeria (CBN). According to recent data from the CBN, this milestone reflects a steady accumulation driven by strategic economic reforms, increased oil production, and enhanced…

Trump slaps sanctions on Canadian International Criminal Court judge

The Trump administration slapped a Canadian judge on the International Criminal Court with sanctions as the U.S. State Department continues to push back on the tribunal. The State Department said Wednesday that Kimberly Prost was sanctioned for “ruling to authorize the ICC’s investigation into U.S. personnel in Afghanistan.” The ICC website says Prost has been…

Reprieve as Trump’s half-billion-dollar civil fraud penalty is voided by court

By Obinna Uballa A New York state appeals court on Thursday overturned a civil fraud penalty of more than $500 million imposed on President Donald Trump, ruling that the monetary sanction violated the U.S. Constitution. The Appellate Division of the New York State Supreme Court held that the fine—initially set at $454 million and now…

Ad

download (89)ABUJA – Justice Ademola Adeniyi of the Federal High Court sitting in Abuja has granted bail to the former Governor of Imo State‎ , Mr. Ikedi Ohakim who is answering to a 3- count money laundering charge, to the tune of N270million.

‎Ohakim was arraigned before the high court Thursday by the Economic and Financial Crimes Commission, EFCC, over allegations bothering on money laundering, abuse of office and misappropriation of public funds.

He was alleged to have looted the sum of $2.29m from the Imo state treasury while he was governor and used same to acquire a mansion at the Asokoro District of Abuja.

In a ruling this afternoon, Justice Adeniyi released him on bail on the condition that he must produce a surety who must deposit the sum of N270m.

According to the court, the surety must be an owner of a landed property within the jurisdiction of the high court and must tender the title deed of such property to the Deputy Chief Registrar, DCR, of the court for verification.

In the alternative, Justice Adeniyi held that such surety could depose to an affidavit of means before the ‎DCR of the court in charge of litigation.

More so, Ohakim was ordered to surrender his international passport to the court, ‎pending the hearing and determination of the charge against him.

Specifically, one of the charge against the former governor read: “That you, Ikedi Ohakim, on or about the month of November, 2008 in Abuja, within the jurisdiction of this Honourable Court made a cash payment of $2,290,000.00(Two Million, Two Hundred and Ninety Thousand Dollars) which was then an equivalent of about N270,000,000.00(Two Hundred and Seventy Million Naira) for the purchase of the property known and described as Plot No. 1098, Cadastral Zone A04, Asokoro District, also known as NO. 60 Kwame Nkrumah Street, Asokoro, Abuja, which amount exceeded the amount authorised for an individual by section 1 of the Money Laundering (prohibition) Act, 2004, and thereby committed an offence contrary to the said section and punishable by section 15(1)(d) of the Money Laundering (Prohibition) Act, 2004.

Ad

X whatsapp